Shandong to acquire Northern Offshore
Shandong Offshore (Bidco) has agreed to acquire drilling contractor Northern Offshore (OSE: NOF) for around NOK 1.3 billion ($165 million).
HOUSTON – Shandong Offshore (Bidco) has agreed to acquire drilling contractor Northern Offshore (OSE: NOF) for around NOK 1.3 billion ($165 million).
Assuming shareholder approvals, the acquisition should be completed during the first half of August.
Yu Bing, director of Shandong and Dr. Sun Yuanhui, chairman of Blue Ocean Drilling, said their goal was to build “a high-performing offshore drilling organization to meet the current and future needs of the global E&P sector.
“By retaining the NOF leadership team, when combined with our Blue Ocean Drilling leadership, we will have assembled a highly skilled and experienced team to direct and execute on our strategies…
“NOF provides proven operating and safety systems, a respected and proven operating organization with an established presence in theNorth Sea and Asia/Pacific, well maintained assets and the most important asset - quality people to execute our strategy.”
The combined newbuild program of the NOF/Blue Ocean Drilling fleet will comprise six high-spec deepwater jackups due to be delivered between 2016 and 2018.