China’s largest offshore oil-services provider, China National Offshore Oil Corp., has signed a deal on Monday to buy Norwegian oil-drilling contractor Awilco Offshore ASA for about $2.5 billion to maximize its drilling capacity and extend its business abroad.

The effort signals an attempt by China to break into the global oil-field-services industry, which is going through a boom as petroleum prices reached record highs.

According to Thomson Reuters, China Oilfield Services Ltd, an arm of CNOOC, will pay 85 crowns per share for the Oslo-based company in what will be the fourth-largest cross-border transaction by a Chinese company in the oil and gas segment.

Awilco indicated that the offer consists of a premium of 18.7% over the closing price of company shares on July 4, and a premium of 42.4% over the closing price on May 29, the last day before Awilco confirmed a third party had shown interest in buying the company. The company said its board of directors has unanimously decided to recommend the offer. The deal comprises the appropriation of about $1.3 billion in debt, according to people familiar with the situation.

Shares of China Oilfield Services Ltd. were suspended Monday morning awaiting the pronouncement. The Wall Street Journal reported in late June that the two companies were in advanced treaties concerning the acquisition.

The world's biggest oil companies are investing billions of dollars into exploration, generating demand for oil-field-service suppliers such as rig operators, seismic contractors and engineering companies. A lack of capacity in the world's largest shipyards has brought on a deficit of some rig classes.

Oil and gas drilling rig operator Awilco already has openings in Australia, Vietnam, Saudi Arabia and the Mediterranean region, according to the documents filed byChina Oilfield to the Hong Kong stock exchange.