MercoPress. South Atlantic News Agency

China takes over leading Norwegian offshore drilling co.

China Oilfield Services Limited China's largest integrated oilfield services provider in offshore China, COSL announced this week it had successfully completed the 2.5 billion US dollars acquisition of the Norwegian offshore drilling company Awilco Offshore ASA .

This is the largest 100%-stake overseas acquisition in the non-oil-and-gas category accomplished in the energy sector in China by value to date, and one that is of the highest strategic importance and commands the highest inscription of technical know-how, reports Oil and Gas News. From now on, the once-Oslo-listed Awilco is included as part of COSL Norwegian AS, the COSL subsidiary in Norway. Successful completion of the acquisition will see COSL inherit offshore drilling facilities with subcontracting services contracts attached and rich experiences of Awilco's incumbent international business management team. Mr. Fu Chengyu, Chairman and CEO of CNOOC Ltd. and Chairman of COSL and Mr. Yuan Guangyu, Vice Chairman, CEO and President of COSL visited relevant government authorities and StatoilHydro ASA in Norway and received unanimous support in favour of the Awilco acquisition. In his capacity as COSL's chairman, Mr. Fu said China has been maintaining excellent relationship with Norway in the area of offshore oil industry ever since China implemented its reform and open policy. COSL's acquisition into Awilco will create a win-win situation for shareholders of both companies. Mr. Fu added that the successful conclusion of the Awilco acquisition will allow COSL to provide more and better services to its partners and commercial clients in Norway. At the same time, COSL aspires to accommodate itself into the new operating environment and proactively fulfils its responsibility as a corporate citizen in Norway. In his speech COSL CEO and President Mr. Yuan invited the incumbent management team of Awilco to join the Company and work together with the China-based colleagues to contribute to the creation of a bright future for COSL as a whole. COSL's goal is to become one of the top players of the world's oilfield services industry by the year 2020. Upon completion of the acquisition, COSL will establish the world's 6th largest rig fleet consisting of more than 36 operating rigs (including rigs under construction). A significant proportion of the drilling platforms are ready to engage in service contracts in the North Sea.