China Oilfield Services Ltd. (COSL) announced yesterday its offering to
buy Norway's Awilco Offshore ASA (AWO) for 12.7 billion kroner (US$2.49 billion)
had been approved by Chinese securities regulators and the deal's settlement
would take place within two weeks.
So far, COSL has received all approvals required from relevant Chinese
authorities and has met all required conditions for completion of the offer,
said the company.
COSL, the listed arm of the China National Offshore Oil Corporation (CNOOC
Group), the country's biggest offshore oil producer, announced in early July
that the company would pay 85 kroner in cash per share for the Norway-based
operator of oil and gas rigs through its 100 percent owned Norwegian limited
liability company COSL Norwegian AS.
COSL got approval from its shareholders at the extraordinary general meeting
held in August as well as acceptance representing 98.82 percent shares in AWO.
Related Chinese authorities including the National Development and Reform
Commission, the State Administration of Foreign Exchange, the State-owed Assets
Supervision and Administration Commission and the Ministry of Commerce have also
given green light to the deal.
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 15 at present and create the world's eighth largest rig fleet.
CNOOC Group owns a 54.74 percent stake in the Hong Kong- and Shanghai-listed
China Oilfield.
