Awilco Offshore

Infobox Company
company_name = Awilco Offshore ASA
company_
company_type = Public
foundation = 2005
location = Oslo, Norway
key_people = Henrik Fougner (President and CEO), Sigurd Thorvildsen (Chairman of the board)
area_served =
industry = Drilling
products =
revenue = USD 189 million (2007)cite web |url=http://www.awo.no/default.asp?V_ITEM_ID=130 |title=Annual Report 2007 |publisher=Awilco Offshore |accessdate=2008-05-08]
operating_income = profit USD 70.3 million (2007)
net_income = profit USD 26.2 million (2007)
num_employees = 47 (2007)
parent =
subsid =
homepage = [http://www.awo.no www.awo.no]
intl = yes

Awilco Offshore (ose|AWO) is a Norwegian drilling rig owner. The company operates two jackup rigs and has another six under construction in addition to three submerisible rigs under construction. The company was founded in 2005 and is listed on the Oslo Stock Exchange. The company has its headquarters in Operation of the rigs will be done by the company Premium Drilling that is owned by Awilco and Sinvest.

History

The company was founded in February 2005 when it took over the offshore rig assets of Anders Wilhelmsen Group and at the same time acquiring NOK 1 billion in new capital. In August 2005 Awilco bought 20.7% of Petrojack and at the same time performed a new capital expansion. In December 2005 Awilco merged with Offshore Rig Services, taking over the company wile issuing new shares to the Offshore Rig Services owners. The largest owner is Awilco AS with 37.69% of the shares.

Takeover offer

The company accepted a $2.5 billion acquisition offer from industry peer China Oilfield Services on 7 July 2008. [cite news|url=http://www.reuters.com/article/marketsNews/idUSHKG14635120080707|title=China Oilfield to buy Awilco for $2.5 bln|last=Flaherty|first=Michael|coauthors=Hua, Judy|date=7 July 2008|work=Reuters|accessdate=2008-07-07]

References