British engine maker Rolls-Royce is paying Nkr1.4bn ($234m) for a stake in Norwegian oil services firm Odim ASA.

The deal will see Rolls-Royce own 67% of the company it does not already own.

Rolls-Royce said it offered 45 crowns per share to expand the range of services it offers to the oil industry.

The offer will be sent to Odim shareholders on or around 1 March, pending approval by the Oslo stock exchange.