Houston offshore drilling company to be acquired by Chinese company
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...