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Houston offshore drilling company to be acquired by Chinese company

Jun 29, 2015 - Houston Business Journal
Mergers and Acquisitions

Bermuda-based Northern Offshore Ltd., which operates out of Houston, will be acquired by a Chinese company, Shandong Offshore International Company Ltd.

The news comes the same day Northern Offshore settled a contract dispute with Houston-based Erin Energy Corp. and other parties. Details of the settlement were not disclosed.

A Shandong Offshore subsidiary will acquire Northern Offshore for NOK 7.59, or 96 cents in U.S. dollars, per share.

The cash deal is valued at NOK 1.3 bil...