News Journal

China Oilfield to buy Awilco Offshore

China’s biggest oil producer company, China Oilfield Services Ltd., agreed to buy the Norway’s company, Awilco Offshore ASA for a price of $2.49 billion and the two companies will make world’s eighth largest rig fleet.

The price offered to Awilco is 19% more than the closing price of the company on July 4.China will be helped in gaining access to the technology that Awilco is using that has made Norway the fifth largest oil producer in the world and the market analysts said that the price of paying 85 Kroner a share for Awilco is a good price.