China Oilfield Services, a unit of state-run China National Offshore Oil Corp., agreed to buy Norway’s Awilco Offshore ASA for about $2.49 billion. The purchase price is 19 percent higher than Awilco’s closing price Friday. The purchase will increase China Oilfield’s fleet of offshore rigs to 22, from 15, and give it access to Awilco’s expertise. Oil rig rental rates are at record levels. (Bloomberg)
The Bottom Line
July 7, 2008
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