China National bids $2.5B for Awilco Offshore

[uscitizen]

China National bids $2.5B for Awilco Offshore


Jul 7, 7:23 AM (ET)

HONG KONG (AP) - China National Offshore Oil Corp.'s oil-services company said Monday it will offer about $2.5 billion for Norway's Awilco Offshore ASA.

The cash bid represents an 18.7 percent premium over the closing price of Awilco's stock on Friday, CNOOC's China Oilfield Services Ltd. said in a statement.

Shares of China Oilfield were suspended from Monday pending the announcement.

CNOOC is China's third-largest oil producer. China's oil companies have been looking to expand in the oil service industry amid rising oil prices and Chinese demand for energy.

China Oilfield said the acquisition would help it increase its number of drilling rigs and tap more international markets.

Awilco, which operates oil and gas drilling rigs, already has a presence in Australia, Vietnam, Saudi Arabia and the Mediterranean region, according to China Oilfield's filing.

http://apnews.myway.com/article/20080707/D91OVR0O0.html

 

[Topspin]

South Korea just bought Taylor Energy

 

[uscitizen]

I think China is going to buy Chevron next.

 

[Topspin]

I hope someone does, I'd love a standard package right now.

 

[uscitizen]

no package, all office employees either go to China or to a drilling rig

Ohh and of course they will not be able to afford retirees health care.

 

[Topspin]

there's no dam packages cause we have a shortage of workers

 

[uscitizen]

there's no dam packages cause we have a shortage of workers

Well you won't have a worker shortage once China buys it and fills the ranks with Chinese.

 

[Topspin]

they did try to buy Unocal and Congress said no.
So a couple times a year they actually do something smart.

 

[uscitizen]

they did try to buy Unocal and Congress said no.
So a couple times a year they actually do something smart.

that was just an opening round.
More than one way to buy an industry.