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.

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...

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