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ODIM acquires valuable electrical expertise

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(Hareid, 12 November 2008): ODIM has continued to develop its After Sales & Service business and secured valuable electrical expertise by acquiring Sunnmøre Elektro for NOK 14 million net. This acquisition strengthens the scope of one of the group’s biggest growth areas, and will help it to undertake larger and more complex service assignments for offshore customers.

NOK 12 million of the settlement will be made when the transaction is closed, with a further NOK 2 million due to be paid after 24 months on the basis of specified criteria.

Founded in 2004, Sunnmøre Elektro has 36 employees at three sites in the Sunnmøre region of western Norway. It has had an average annual growth of 80 per cent since its creation, and expects sales of NOK 38 million in the present year.

“We have worked consciously to move from being a provider of spare parts and service assistance to become a total supplier of maintenance services to the offshore industry,” says Bjørn Roger Andersen, ODIM’s senior vice president for After Sales & Service.

“Our goal throughout has been to have the ability to conclude extensive partner agreements with offshore companies which have continuous maintenance needs. Acquiring Sunnmøre Elektro makes an important contribution to this work. It helps to make our After Sales & Services range more complete, and allows us to take on even bigger and more complex jobs.”

ODIM sees good market prospects for this business area following strong growth in the fleet of vessels equipped with its solutions. The group expects to achieve continued expansion, which will in turn generate greater demand for service, upgrading, spare parts and training.

A customer’s operational efficiency and profitability depend on its tangible fixed assets being available for as much of the time as possible. That makes it crucial for ODIM to offer global and effective After Sales & Service. Further growth is accordingly scheduled for this part of the business, with Asia and Brazil among key areas for expansion.