皇冠体育app

Economy

Markets

Industries

Insights

Reports

Events

皇冠体育app Oilfield Service approved to buy Awilco

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

皇冠体育app'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.

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

Earlier, 皇冠体育app 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 皇冠体育app Oilfield, a unit of 皇冠体育app's third-largest oil producer, CNOOC, were down 1.4 percent at 16.56 yuan at midday Wednesday.

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