I was wondering when someone would buy Awilco Offshore.
This young Norwegian firm, with just five jack-up drilling rigs on the water, doesn't look like much of a tasty target. After all, it has none of the deepwater heft of a Pride International
However, just as with Ensco International
Back when Noble's
That's right -- China Offshore Services Ltd., or COSL, is in talks to snap up this sweet drilling fleet. The servicer's parent, China National Offshore Oil, is also parent to U.S.-listed explorer extraordinaire CNOOC
The latter firm could conceivably make use of its sister company's new rigs at some point, especially if emerging Chinese shipyards keep facing difficulties, but it seems just as likely that COSL is looking to the international stage. China doesn't have a strong presence in global oilfield services today, but check again in a few years and things may look quite different.