Finance / China
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China Oilfield Services To Buy Awilco
July 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Norway's Awilco Offshore and China Oilfield Services have agreed to a merger which will create the world's eighth-largest rig fleet. COSL has offered to acquire 100% of Awilco's shares for NOK85 (US$16.67) per share. The offer, which equates to around US$2.5bn, represents a premium of 18.7% over Awilco's July 4 closing price. The company's board of directors have unanimously decided to recommend the offer.