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COSL takes on 'viking spirit'

By You Nuo (China Daily)
Updated: 2008-09-24 09:33

A China Offshore Oil Services drilling platform operates in the Bohai Sea, off China's eastern coast. [China Daily]

China Offshore Oil Services Ltd (COSL) said on Monday it has successfully completed its 17.1 billion yuan ($2.51 billion) takeover of Norwegian publicly listed company Awilco Offshore.

At a COSL banquet in Oslo, Siguard Thorvildsen, former chairman of Awilco, gave Fu Chengyu, chairman of China National Offshore Oil Corp and also COSL chairman, a model viking ship, asking the new owner of his company to "take care of the viking spirit", as it becomes part of China's offshore oil industry.

Yuan Guangyu, CEO and president of the company, told China Daily that the takeover will give COSL the world's eighth largest fleet of drilling vessels, in addition to the global expertise of Awilco's former executive team.

COSL wants to become one of the world's top offshore oil service providers by 2020, Yuan said.

For now, the company will get immediate access to offshore oil services in the North Sea, via the base it has inherited from Awilco.

Yuan said COSL will continue to seek worthy M&A targets in the global market, especially in technology-intensive, high value-added areas.

COSL's net profit increased by 40.1 percent year-on-year to 1.53 billion yuan in the first six months of 2008, according to the company's interim report.