ODIM Gets Okay for JMC Acquisition

As announced on July 4, ODIM has entered into a Share Purchase Agreement (SPA) to acquire Stavanger-based JMC. The agreement was subject to due diligence and board approval. The due diligence is now completed and the board of ODIM has approved the acquisition.

In accordance with the SPA the final transfer of JMC shares and payment of cash and issuing of ODIM shares will take place after the mergers between JMC AS, JMC Progress AS and JMC Subsea AS have been completed. ODIM expect this will be completed during December 2007.

The acquisition of JMC gives ODIM first class expertise and valuable engineering capacity that will be important in realizing the substantial potential for ODIM within the subsea and deepwater segments.