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China Offshore Oil Engineering wins approval to issue up to 260 mln new shares

BEIJING, Sep 11, 2008 (XFN-ASIA via COMTEX) -- By Staff Reporter

China Offshore Oil Engineering Co Ltd (SHA 600583), also known as CNOOC Engineering, said it has received approval from the China Securities Regulatory Commission to issue up to 260 mln new shares.

It did not provide further details.

In January, the company announced plans to place 60-130 mln new A-shares with up to 10 institutional investors as well as its parent company, with proceeds to go towards buying or manufacturing floating cranes, as well as supplementing working capital.

Parent China National Offshore Oil Corp (CNOOC) will buy at least 30 pct of the issue. Its purchase is subject to a holding period of 36 months.

CNOOC Engineering closed down 2.84 pct at 13.69 yuan yesterday.

derek.jiang@xfn.com

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Copyright (C) 2008 Xinhua Financial News. All rights reserved

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