COSL Eyes Norwegian Awilco Offshore    

China Oilfield Services Ltd. (HK: 2883, SH: 601808) is eyeing a Norwegian drilling rigs service company - Awilco Offshore. The Economic Observer reported on May 5th.
    COSL is the drilling and equipment arm of China National Offshore Oil Corporation (CNOOC), the third largest oil company in China.
   A source of COSL said the company is conducting a feasibility investigation for the acquisition.
   Yuan Guangyu, the CEO of COSL, said at the 2007 record conference on March 31st, "COSL will further strengthen its presence worldwide through acquisitions and it has seen the target of acquisition now. The company plans to issue up to 20% of its total Hong Kong shares to finance this strategy."  
   Awilco Offshore is a global leading group in building new rigs. The group will complete three jack-up rigs from 2008 to 2009 in succession in Singapore. Awilco Offshore has signed contracts to build the highly specialized offshore equipment at Yantai Raffles Shipyard in Shandong province of eastern China. Completion is scheduled for 2009.
   CCR will disclose information about the acquisition.