Shandong Offshore International acquires Northern Offshore

China’s Shandong Offshore International Co. Ltd. has acquired Bermuda-based Northern Offshore Ltd., which has offices in Houston. The cash transaction is valued at NOK 1.3 billion ($164.64 million), and is expected to close during the first half of August.

The deal requires approval from Northern Offshore shareholders, who will vote at a special meeting expected to be held on July 15.

Shandong Offshore is based in Qingdao, China, and its Blue Ocean Drilling Ltd. subsidiary is based in Houston.

Following the acquisition, the Northern Offshore leadership team is expected to be retained. Northern Offshore has two deepwater jackups under construction, and Blue Ocean Drilling has four under construction. The acquisition will combine these jackup rigs into one fleet. The rigs are expected to be delivered in 2016 through 2018.

Pareto Securities Inc. is acting as financial advisor to the purchaser.

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