ODIM to Acquire Brooke Ocean Technology

ODIM Spectrum Ltd, a subsidiary of ODIM ASA, has signed an agreement with Canada's Brooke Ocean Technology Ltd (BOT) on acquiring all the shares in the company for CAD 7 million. This acquisition is expected to strengthen ODIM's operations in North America and help to further develop the assets in its ODIM Spectrum Ltd subsidiary in Canada.

BOT is a reputable specialist in designing and developing automated handling equipment for naval, offshore and oceanographic research vessels. Headquartered in Dartmouth/Halifax in Nova Scotia, the company also has a subsidiary in New Bedford, Massachusetts.

BOT's turnover in 2006 was CAD 4.18 million (preliminary figures for the fiscal year to 31 May), with an operating profit of about CAD 810 000. Comparable figures for fiscal 2005 were CAD 3.68 million and CAD 430 000.

Substantial growth is expected in coming years.

'ODIM Spectrum has contributed good margins in recent years,' comments ODIM chief executive Jogeir Romestrand. 'This business offers an attractive growth potential, and we believe it makes sense to continue its development.

'Acquiring BOT gives us a broader product portfolio, increased market access and even greater opportunities for scaling operations in this region.

'Taken together, these considerations will put us in an even better position to develop value for our shareholders.'

Currently with 33 employees, BOT has been in operation for more than 20 years, and has customers worldwide in such countries as the USA, Australia, the UK, China, Japan, Korea and Norway.

The list of clients includes such names as the Royal Australian Navy, the Japanese Navy, the US Naval Oceanographic Office, the US National Oceanic and Atmospheric Administration and the Danish Navy.

'We know BOT as a respected and able competitor, and it will provide a very good complement to our existing business,` says Mr Romestrand.

The acquisition is conditional on a due diligence process, and ODIM aims to close the transaction during the third quarter of 2006.

Work on identifying further growth potential in BOT's portfolio and integrating this range with ODIM Spectrum will begin immediately after the acquisition. ODIM ASA is a fast-expanding Norwegian technology company which develops and sells advanced automated handling solutions, primarily cable handling systems and winches for use on offshore and naval vessels.