COSL offers to acquire Norway's oil company for $2.5b
Wednesday, 9 July 2008
BEIJING, July 8 (Xinhua): China Oilfield Services Ltd. (COSL) announced yesterday it was offering to buy Norway's Awilco Offshore ASA (AWO) for 12.7 billion kroner (2.49 billion U.S. dollars) to create the world's eighth largest rig fleet.
COSL, the listed arm of the China National Offshore Oil Corporation (CNOOC Group), the country's biggest offshore oil producer, would pay 85 kroner in cash per share for the operator of oil and gas rigs. This represented a premium of 18.7 per cent over the closing price of 71.60 kroner on July 4.
It also represented a premium of 42.4 per cent over the closing price of 59.70 kroner on May 29, the last day prior to AWO confirming a third party had expressed interest in acquiring the company.
COSL, the listed arm of the China National Offshore Oil Corporation (CNOOC Group), the country's biggest offshore oil producer, would pay 85 kroner in cash per share for the operator of oil and gas rigs. This represented a premium of 18.7 per cent over the closing price of 71.60 kroner on July 4.
It also represented a premium of 42.4 per cent over the closing price of 59.70 kroner on May 29, the last day prior to AWO confirming a third party had expressed interest in acquiring the company.