Economy

Markets

Industries

Insights

Reports

Events

COSL's shareholders agree to acquire AWO

(Xinhua)
Updated: 2008-08-27 17:15

China Oilfield Services Ltd (COSL) announced on Tuesday that its offer to buy 100 percent of Norway's Awilco Offshore ASA (AWO)'s stock equity for 12.7 billion kroner ($2.49 billion) has been approved by COSL shareholders.

COSL shareholders, holding over 30 billion shares or 68.66 percent of the total issued share capital, who attended the company's first extraordinary general meeting this year on Tuesday unanimously approved.

COSL, the listed arm of the China National Offshore Oil Corporation (CNOOC Group), the country's biggest offshore oil producer, announced in early July that it would pay 85 kroner per share for the oil and gas rig operator.

The deal was expected to close in September or October, COSL has said.

The deal has been approved by 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.

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.

COSL shares were suspended from Tuesday trade pending the announcement.