AWO Prospectus PETROJACK offer - COSL Drilling Europe AS
AWO Prospectus PETROJACK offer - COSL Drilling Europe AS
AWO Prospectus PETROJACK offer - COSL Drilling Europe AS
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Non-competition<br />
The Anders Wilhelmsen Group has stated its intention, for as long as it remains a shareholder of<br />
the Offeror, to refrain from competing investments. It is the intention that any investment in<br />
drilling rigs, accommodation rigs, or similar types of equipment, will only be <strong>offer</strong>ed to the<br />
Offeror, and if declined, will not be made by other companies in the Anders Wilhelmsen Group.<br />
7.4 Company strategy<br />
Awilco Offshore intends to create the basis for a leading international drilling contractor and will,<br />
in doing so, employ strategies as set forth below.<br />
Investments<br />
Awilco Offshore intends to be a service provider to oil companies by <strong>offer</strong>ing first-class equipment<br />
for use in various stages of exploration for, and production of, oil and gas. The Offeror intends to<br />
grow, particularly in the drilling rig segment, by possibly taking on new newbuilding contracts.<br />
The Offeror will have an opportunistic approach to expansion into other offshore segments.<br />
Operation<br />
The Offeror believes that its exposure to the accommodation market will provide a stable<br />
underlying cash flow which will provide financial leverage to its construction of jack-up drilling<br />
rigs. As the time of delivery of jack-up drilling rigs approaches, the Offeror will consider entering<br />
into short- or long-term contracts to secure cash flows and to provide the financial stability for<br />
additional newbuilding orders.<br />
Consolidation<br />
The Offeror believes that further consolidation of the oil service industry will take place and will<br />
consider taking part in such consolidation. The Offeror believes that it has the strength to take<br />
active part in such consolidation and will consider opportunities to grow by mergers and<br />
acquisitions. The Offeror has been informed that Awilco, its largest shareholder, will consider any<br />
such consolidation on the basis of the transaction’s financial implications and that it will not resist<br />
any transaction from the point of view of having its ownership percentage reduced.<br />
7.5 The accommodation units<br />
The Offeror has two accommodation rigs suited for employment in the North Sea; one jack-up<br />
accommodation unit and one semi-submersible accommodation unit. Both units are suited for<br />
employment on the Norwegian Continental Shelf, which has some of the strictest requirements in<br />
the market. Only four units in the world fleet of specialised accommodation units comply with the<br />
requirements for employment in this region.<br />
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