Friday, September 19, 2008

COSL's offer for acquisition of AWO to be completed within two weeks

China Oilfield Services Ltd. announced on Thursday its offering to buy Norway's Awilco Offshore ASA for 12.7 billion kroner 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 , 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.


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