Blue Ocean makes waves in Far East

One More Thing:Dómhnal Slattery's Blue Ocean Wireless mobile phone group is causing something of a splash in the Far East.

NTT DoCoMo, Japan's biggest mobile phone operator, this week said it had raised its stake in Philippine Long Distance Telephone Co (PLDT) to 13.3 per cent, paying $760 million to buy 12.5 million shares.

PLDT is the parent company of Smart Communications, which last year paid $15.9 million for a 30 per cent stake in Blue Ocean.

The fledgling Ballsbridge-based company provides technology to the operators of container ships that allows their crew to use their mobile phones while at sea. It launched in May and more than 500 ships have installed its kit.

Blue Ocean is the first company to tap this market. Previously, crew had to use the ship's phone, at considerable expense to themselves. Filipinos account for just less than half of all crew, hence PLDT's interest in the Irish business.

Manuel Pangillnan, PLDT's chairman, told the Manila Times that NTT DoCoMo was interested in Blue Ocean's service.

"If they can help us in Japan to install base stations on the Japanese vessels, they can introduce us to the various shipping companies," he said. "Many Filipino seamen are working in Japan."

Before Christmas, Blue Ocean's chief executive Robert Johnson told The Irish Times that the company would be testing the waters for €20 million in new funds for its expansion plans.

He said existing shareholders, who include Slattery's Claret Capital, Tralee-based technology group Altobridge (in which Claret is a significant shareholder), and Bank of Scotland Ireland, would be tapped.

He also said a listing on London's Alternative Investment Market or a trade sale could be around the next headland.

At the time of the Smart investment, Blue Ocean had a value of $55 million. With NTT DoCoMo now expressing an interest, Slattery and his fellow investors might be able to sail off into the sunset sooner than imagined.