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COSL's acquisition of Norway's Awilco approved

(Agencies)
Updated: 2008-07-29 14:46

The National Development and Reform Commission (NDRC), China's top economic planning body, said it has approved China Oilfield Services Ltd (COSL)'s acquisition of Norwegian oil services firm Awilco Offshore ASA.

COSL announced earlier this month that it agreed to take over Awilco for 12.7 billion Norwegian crowns ($2.5 billion).

Awilco Offshore provides drilling services and operates jack-up drilling rigs and semi-submersible rigs.

The acquisition is expected to be completed in September or October.