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China Oilfield Service approved to buy Awilco

(Agencies)
Updated: 2008-08-14 15:53

China's largest offshore oil-services provider said Wednesday that it has won government approval to buy Norway's Awilco Offshore ASA for about $2.5 billion, as it expands its drilling operations and taps broader international markets.

China's State Council, or Cabinet, on Tuesday approved the increase in overseas investment required for the 100 percent acquisition of the Oslo-based company, China Oilfield Services Ltd said in a statement to the Shanghai Stock Exchange.

Earlier, China Oilfield Services said last month that its bid of 85 Norwegian crowns per share represented an 18.7 percent premium over the price of Awilco's stock.

Shares of China Oilfield, a unit of China's third-largest oil producer, CNOOC, were down 1.4 percent at 16.56 yuan at midday Wednesday.

China's oil companies have been looking to expand in the oil service industry amid rising oil prices and surging Chinese demand for energy.