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To: Paul Kern who wrote (104585)	7/7/2008 7:56:13 AM
From: elmatador	of 206326

China National bids $2.5B for Norway's Awilco Offshore will offer about $2.5 billion. In another news: CNOOC invites Petrobras to help explore China's offshore oilfields ... Interfax China, China - 2 hours ago (CNOOC), China's third largest oil producer, will invite Brazilian oil company Petrobras to jointly explore China's offshore oil fields, Chinese industry ... China National bids $2.5B for Awilco Offshore By THE ASSOCIATED PRESS Published: July 7, 2008 Filed at 7:23 a.m. ET HONG KONG (AP) -- China National Offshore Oil Corp.'s oil-services company said Monday it will offer about $2.5 billion for Norway's Awilco Offshore ASA. The cash bid represents an 18.7 percent premium over the closing price of Awilco's stock on Friday, CNOOC's China Oilfield Services Ltd. said in a statement. Shares of China Oilfield were suspended from Monday pending the announcement. CNOOC is China's third-largest oil producer. China's oil companies have been looking to expand in the oil service industry amid rising oil prices and Chinese demand for energy. China Oilfield said the acquisition would help it increase its number of drilling rigs and tap more international markets. Awilco, which operates oil and gas drilling rigs, already has a presence in Australia, Vietnam, Saudi Arabia and the Mediterranean region, according to China Oilfield's filing. A representative for China Oilfield declined to comment.

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