China National bids $2.5B for Awilco Offshore
HONG KONG —
China National Offshore Oil Corp.’s oil-services company said Monday it faculty of volition offer about $2.5 billion for Norway’s Awilco Offshore ASA.
The cash bid represents an 18.7 percent premium from hand to hand the closing price of Awilco’s stock on Friday, CNOOC’s China Oilfield Services Ltd. said in a description.
Shares of China Oilfield were suspended from Monday pending the declaration.
CNOOC is China’s third-largest oil agriculturist. China’s oil companies have been looking to expand in the oil service industry amid rising oil prices and Chinese demand according to energy.
China Oilfield said the acquisition would help it be augmented its number of drilling rigs and tap more international markets.
Awilco, which operates oil and aeriform fluid drilling rigs, already has a presence in Australia, Vietnam, Saudi Arabia and the Mediterranean region, according to China Oilfield’s filing.
A representative for China Oilfield declined to make notes.
Original text: http://seattletimes.nwsource.com/html/businesstechnology/2008036985_aphongkongchinaoilfieldservicesawilco.html?syndication=rss
