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CNOOC (CEO) Buys Awilco (AWLCF) for $2.5 Billion

Posted July 8, 2008

“I think 85 kroner a share is a good price. They’re very interested in Awilco’s jack-up rigs, seven of which will be available to be leased by clients next year.” — Stian Eliassen, Carnegie ASA analyst

by Jason Simpkins

Baltimore – (TFN): After a disappointing string of failed takeovers, CNOOC Ltd. (CEO:NYSE) has reignited its foreign expansion initiative with a $2.49 billion buyout of Norway’s Awilco Offshore ASA.(AWLCF:Pink Sheet)

China Oilfield Services Ltd., a unit of China’s top offshore oil and gas producer will pay $16.66 (85 kroner) a share, an 18.7% premium to last week’s closing price. Awilco’s board unanimously approved the offer and the deal, which still requires regulatory approval, but should be closed by October. China Oilfield will borrow about $2.3 billion to finance the deal.

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“I think 85 kroner a share is a good price,” Stian Eliassen, an analyst at Carnegie ASA in Oslo, told Bloomberg News. “They’re very interested in Awilco’s jack-up rigs, seven of which will be available to be leased by clients next year.”

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