China oilfield service company completes Norway AWO acquisition 2008-09-23 17:59:01   Print

    BEIJING, Sept. 23 (Xinhua) -- China Oilfield Services Ltd. (COSL) announced on Tuesday that it had completed acquisition of Norway's Awilco Offshore ASA (AWO) for 17.1 billion yuan (2.51 billion U.S. dollars).

    After the acquisition, the AWO will be merged into COSL Norweigian AS, a wholly-owned subsidiary of COSL. COSL has sent a team to Norway for handling the merger, said the COSL.

    The deal has won support from relevant government departments of Norway and Statoil, the state oil company of Norway.

    COSL has received approvals from all relevant Chinese departments and has met all the requirements for completion of the offer.

    COSL, the listed arm of the China National Offshore Oil Corp. (CNOOC Group), the country's biggest offshore oil producer, announced in early July that it would pay 85 kroners in cash per share for the Norway-based operator of oil and gas rigs.

    Based in Oslo, AWO operates in Australia, Norway, Vietnam, Saudi Arabia and the Mediterranean. The deal would help raise the number of COSL's operating rigs to 22 from present 15 and create the world's eighth largest rig fleet.

    This was a great move for COSL, China's largest offshore oil services provider, to expand internationally.

    COSL share price rose to 14.35 yuan on the mainland stock market, up 0.56 percent from the previous trading day.

Editor: An
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