Awilco Offshore

Awilco Offshore was a Norwegian offshore drilling company focused on owning and developing mobile offshore drilling and accommodation assets. Established in February 2005, the company was formed through the transfer of offshore rig assets from the Anders Wilhelmsen Group and a simultaneous capital raising of approximately NOK 1 billion. Its strategy was to build a sizeable fleet for the international offshore oil and gas market, using corporate ownership of rigs and third-party or affiliated operating arrangements rather than functioning primarily as an exploration or production company. During its short independent existence, Awilco expanded through acquisitions, capital increases, and corporate combinations. In August 2005 it acquired a 20.7 percent stake in Petrojack and completed another capital expansion. In December of the same year, it merged with Offshore Rig Services, issuing new shares to the sellers as part of the transaction. These steps broadened the company’s asset base and supported its development as a publicly traded offshore services group. By 2008, Awilco Offshore was reported to operate five jack-up drilling rigs and two semi-submersible accommodation rigs, with additional units under construction or on order. Jack-up rigs are mobile platforms used for drilling in relatively shallow offshore environments, while semi-submersible accommodation units provide offshore living and support capacity. The company’s rig operations were conducted through Premium Drilling, an operating company owned by Awilco and Sinvest. This structure separated asset ownership from day-to-day operating activities while linking the fleet to a specialist drilling platform. Awilco’s independent corporate history ended in 2008. On 7 July 2008, it accepted a reported US$2.5 billion acquisition offer from China Oilfield Services, an industry peer. The transaction received approval from the China Securities Regulatory Commission in September 2008, and a compulsory acquisition of the remaining shares was completed in November. Awilco Offshore was subsequently integrated into China Oilfield Services’ Norwegian subsidiary, COSL Norwegian AS. The company therefore became part of a larger international oilfield-services organization rather than continuing as a standalone listed Norwegian rig owner. No current standalone operations, product portfolio, website, or management team are identified in the supplied reference material.

Awilco Offshore was founded in February 2005 in Norway after taking over the offshore rig assets of the Anders Wilhelmsen Group. The formation was accompanied by a new capital injection of approximately NOK 1 billion, giving the company the financial base to pursue a fleet-building strategy in the offshore drilling sector. It was headquartered in Oslo and became listed on the Oslo Stock Exchange. The company expanded during 2005 through a series of corporate and capital-market transactions. In August it acquired 20.7 percent of Petrojack and carried out a further capital expansion. In December, Awilco merged with Offshore Rig Services. The transaction involved the issuance of new shares to the owners of Offshore Rig Services, allowing Awilco to absorb additional offshore assets and activities while broadening its shareholder and operating base. Awilco’s business centered on ownership of mobile offshore drilling and accommodation units. By 2008, its reported fleet comprised five jack-up rigs and two semi-submersible accommodation rigs, with several additional units on order. Jack-up rigs serve offshore drilling projects in shallower waters, whereas semi-submersible accommodation rigs provide offshore personnel accommodation and related support. Operational management of the rigs was carried out through Premium Drilling, a company owned by Awilco and Sinvest. The arrangement made Awilco primarily an asset-owning and fleet-development company, supported by a dedicated operating platform. The company’s independent development was cut short by a takeover. On 7 July 2008, Awilco Offshore accepted a reported US$2.5 billion acquisition proposal from China Oilfield Services. The transaction required regulatory clearance, which was obtained from the China Securities Regulatory Commission in September. A compulsory acquisition of the remaining shares was completed in November 2008. Awilco Offshore was then fully integrated into COSL Norwegian AS, China Oilfield Services’ local subsidiary. Following that integration, it ceased to operate as an independent listed company and became part of the acquiring group’s existing offshore-services operations.

• 2008

  Fleet reaches seven reported rigs

  [1]Awilco Offshoreen.wikipedia.org

  The company was reported to operate five jack-up rigs and two semi-submersible accommodation rigs, with further units on order.

• 2008

  Acquisition by China Oilfield Services

  [1]Awilco Offshoreen.wikipedia.org

  Awilco accepted a reported US$2.5 billion acquisition offer in July; the transaction was approved in September and completed through compulsory acquisition in November.

• 2005

  Awilco Offshore is established

  [1]Awilco Offshoreen.wikipedia.org

  The company was founded in February 2005 through the transfer of offshore rig assets from the Anders Wilhelmsen Group and a capital raising of approximately NOK 1 billion.

• 2005

  Investment in Petrojack

  [1]Awilco Offshoreen.wikipedia.org

  Awilco acquired a 20.7 percent interest in Petrojack and carried out an additional capital expansion in August.

• 2005

  Merger with Offshore Rig Services

  [1]Awilco Offshoreen.wikipedia.org

  Awilco merged with Offshore Rig Services in December and issued new shares to the other company’s owners.

A Norwegian offshore-rig owner positioned around fleet expansion, asset ownership, and international oilfield-services operations.

• Offshore drilling equipment

  Jack-up drilling rigs

  Mobile offshore drilling platforms designed to operate in relatively shallow waters. Jack-up units are transported while floating and then raised above the seabed on extendable legs during operations. They formed the principal drilling segment of Awilco Offshore’s reported fleet in 2008.

• Offshore accommodation and support

  Semi-submersible accommodation rigs

  Semi-submersible offshore units used to provide accommodation and support capacity for personnel working on offshore installations. Awilco Offshore was reported to operate two such rigs in 2008, alongside its jack-up drilling fleet.

• 2008

  Acceptance of China Oilfield Services takeover offerM&A

  Background

  Awilco Offshore was an Oslo-listed Norwegian rig owner with a growing fleet of jack-up and semi-submersible accommodation units. China Oilfield Services proposed acquiring the company as part of its expansion of offshore oilfield-services operations.

  Action taken

  Awilco accepted the reported US$2.5 billion offer on 7 July 2008. Regulatory approval followed in September, and the remaining shares were compulsorily acquired in November.

  Aftermath

  The company was fully integrated into COSL Norwegian AS, China Oilfield Services’ Norwegian subsidiary, and no longer continued as an independent listed company.

  Reported acquisition value. US$2.5 billion (Offer accepted 7 July 2008)

  Source

• 2008

  Awilco Offshore accepts China Oilfield Services acquisition offer[1]Awilco Offshoreen.wikipedia.org

  M&A

  Awilco Offshore accepted a reported US$2.5 billion offer from China Oilfield Services on 7 July 2008, beginning the process that ended its existence as an independent company.

• 2008

  China Securities Regulatory Commission approves Awilco transaction[1]Awilco Offshoreen.wikipedia.org

  M&A · Regulation

  Regulatory approval was granted in September 2008 for China Oilfield Services’ acquisition of Awilco Offshore.

• 2008

  Compulsory acquisition completes and Awilco joins COSL Norwegian[1]Awilco Offshoreen.wikipedia.org

  M&A

  The compulsory acquisition of outstanding Awilco Offshore shares was completed in November 2008, after which the company was integrated into COSL Norwegian AS.

1. 1Awilco Offshoreen.wikipedia.org