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China Oilfield shares up 2.5 pct after Awilco deal

Mon Jul 7, 2008 9:59pm EDT

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HONG KONG, July 8 (Reuters) - Shares in China Oilfield Services Ltd (2883.HK) rose 2.5 percent in resumed trade on Tuesday after China's largest offshore oil services group agreed to buy Norwegian peer Awilco Offshore AWO.OL for around $2.5 billion.

China

The stock was set to open up 2.5 percent at HK$13.70. Trading in the stock was suspended on Monday, pending the Awilco acquisition announcement. [ID:nHKG146351]

Merrill Lynch upgraded China Oilfield to buy from neutral as it expects the acquisition to add 20 to 50 percent to the company's estimated earnings in 2009-10. [ID:nHKG39686] (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)

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