The net consideration is based on the valuation of the net tangible assets of CPEC as at 31 December 2006 and on a willing buyer and willing seller basis. The acquisition will be funded from the Company's own internal resources.
Based in Shekou, Shenzhen, China, CPEC has been in operations since 1992. CPEC's major business activities include hook-up and commissioning of offshore platforms and platform maintenance. It also provides maintenance services for the oil and gas industry in China.
The Nanhai West Oil Corp and Nanhai East Corp, both wholly owned subsidiaries of China National Offshore Oil Corp (CNOOC), own 25% and 20% of CPEC, respectively. Chiwan Petroleum Supply Base owns 20% of the firm.
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