Offshore staff
BEIJING and OSLO, Norway -- China Oilfield Services Ltd. (COSL) has agreed with Awilco Offshore ASA to offer a cash tender for all shares of Awilco.
The combination of COSL and Awilco would create the world's eighth largest rig fleet at 34 operated rigs, including rigs under construction.
At the $16.8 per share offer, total cost to COSL will be $2.5 billion.
Awilco AS and Aweco Holding AS, representing 40.1% of the outstanding shares in Awilco, have begun to accept the offer.
COSL Norwegian AS, a Norwegian LLC wholly owned by COSL, is expected to send the offer to Awilco shareholders next week. The offer is expected to close in September or October 2008, subject to the conditions being met or waived.
07/11/2008
