Voluntary offer- Acceptance Period Reminder. Additional Regulatory approvals obtained(13.08.2008)
Reference is made to the offer document dated 17 July 2008 (the `Offer Document`) regarding the voluntary offer (the `Offer`) to acquire all outstanding shares in Awilco Offshore ASA (`Awilco Offshore`) made by COSL Norwegian AS (`COSL Norwegian`).
Shareholders are reminded that the acceptance period in the Offer expires at 16:30 CET on 15 August 2008. COSL Norwegian does not intend to extend the acceptance period.
On 1 August 2008, the State Administration of Foreign Exchange of the People`s Republic of China (the `PRC`) granted approval on the source of funding in respect of the increase in the offshore capital contribution by China Oilfield Services Limited in connection with the Offer.
On 11 August 2008, the State-owned Assets Supervision and Administration Commission of the PRC granted approval in principle for the conditional acquisition of the entire issued share capital of Awilco Offshore by way of the Offer.
On 12 August 2008, the Ministry of Commerce of the PRC granted approval in relation to the increase in the offshore capital contribution by China Oilfield Services Limited in connection with the Offer.
The National Development and Reform Commission of the People`s Republic of China have previously granted approval for the transaction.
Accordingly, the approval from the China Securities Regulatory Commission is the remaining approval from the authorities in the People`s Republic of China required for completion of the Offer. The approval can only be considered after the general meeting of China Oilfield Services Limited has approved the acquisition of the shares
of Awilco Offshore and the Offer (see section 4.3(4) (Conditions for completion of the Offer) of the Offer Document). The general meeting of China Oilfield Services Limited will take place on 26 August 2008. The majority shareholder of China Oilfield Services Limited has undertaken to vote in favour of the transaction at the upcoming
The terms and the remaining conditions of the Offer, and the procedures for accepting the Offer, are set out in the Offer Document. If you have questions regarding acceptance procedures, please contact the receiving agent for the Offer, Nordea Bank Norge ASA, Securities Services - Issuer Service, telephone: (+47) 22 48 62 62, fax: (+47) 22 48 63 49.