china-oilfield-makes-25-billion-norwegian-acquisition

China Oilfield makes $2.5 billion Norwegian acquisition

CNOOC subsidiary China Oilfield Services buys fast-growing Awilco Offshore, valuing the firm at $3.8 billion and creating the world's eighth largest rig fleet.

By Sameera Anand

July 07, 2008

China Oilfield Services COSL will acquire Norway's Awilco Offshore at an equity value of NKr12.7 billion $2.5 billion. Including debt on Awilco's books, the acquisition is being transacted at a firm value of $3.8 billion.

AwilcoÆs majority shareholders, Awilco AS and Aweco Holding, have agreed to sell their 40.11% holding in the company to COSL at a price of NKr85 $16.72 a share and precipitated a tender offer to minority shareholders of Awilco. The offer price represents a premium of 18.7% over the closing price of Awilco shares on the Oslo Bors on July 4, the last trading day before the announcement, and a premium of 42.4% over the closing price on May 29,...

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