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Cnooc Limited (NYSE:CEO) has submitted a formal application for government approval of its $15 billion offer to acquire Canada’s Nexen Inc. (NYSE:NXY). Apparently reciprocity on trade issues by China will not break the deal, according to some analysts. However, since the application was submitted more than a month after the bid was announced, investors could have to wait at least until November or perhaps longer for a decision.
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The current trend towards energy equipment and services providers prompts Credit Suisse to begin coverage of with an Overweight, as it views projects in Brazil, Africa and the Gulf of Mexico as pushing a multiyear growth cycle. The research firm likes the fleet mix at its top picks Rowan Companies Inc. (NYSE:RDC) and Noble Corporation (NYSE:NE), thinking that this market is underestimated, and that both firms are building out their UDW fleets.
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