COSL Gobbles Up AWO, Now Holds World's 8th Largest Rig Fleet

On July 7, China Oilfield Services Limited (COSL) announced that it had reached an agreement with Awilco Offshore ASA to acquire 100% of its shares with a cash tender offer of approximately NOK 12.7 billion (approximately $2.5 billion).

AWO is an international offshore drilling contractor owning and operating five jack-up drilling rigs and two accommodation units. Another three jack-up drilling rigs and three semi submersible drilling rigs are under construction. AWO also holds options for the construction of two semi submersible drilling rigs.

The combination of COSL and AWO will create the world's 8th largest rig fleet, consisting of 34 operated rigs (including rigs under construction) with operation and growth opportunities in most major international markets. AWO's modern high-specification rigs and cutting-edge technology for offshore drilling is a good strategic fit for COSL pursuant to its globalization and growth strategies.
 

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
 
Junior-Level Mechanical HVAC Design / Energy Audit Engineer
Expertise: HVAC|Mechanical Engineering
Location: San Antonio, TX
 
Energy Engineer
Expertise: Mechanical Engineering
Location: Gainesville, FL
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours