Norwegian technology outfit ODIM declared Wednesday that it will buy Stavanger-, Norway based oilfield products specialist JMC for NOK100 million ($17 million).

ODIM managers said in a statement that the company’s CTCU technology and JMC’s well-service tools would create a “a leading player in automated handling solutions in the fast-growing deepwater segment”.

The company will pay NOK50 million in cash and the rest in ODIM shares, and some JMC shareholders will receive a maximum “earn-out” of NOK 50 million, “based on the volume of module-handling contracts and specific EBITDA goals for 2007 and 2008”, a statement said.

If EBITDA in 2009 exceeds NOK 50 million, the present owners of JMC will also receive a bonus of NOK 20 million.