China Oilfield Services Limited Awarded

Hong Kong, December 12, 2002 - China Oilfield Services Limited "COSL" or the "Company"; SEHK: 2883 is pleased to announce that its Global Offering has been awarded the "Best Mid-Cap Equity Offering" by Finance Asia magazine in its latest issue. Listed on SEHK on November 20, 2002, COSL priced one of the most successful international equity offerings from the Mainland in recent years. This was the first time a China IPO had achieved double-digit over-subscription results from both the public and institutional investors.

Finance Asia highly acclaimed the brilliant marketing strategy of the deal which successfully built momentum with local accounts before drawing in international orders, and used both forces as a lever to bring the final pricing down. The four key appeals of the deal are 1 the well-packaged offshore China oil story; 2 COSL's close relationship with CNOOC and its numerous joint ventures with international competitors that ease future competition risk; 3 the experiences and impressive roadshow performance of the management; and 4 the sensible valuation and pricing of the deal in relation of the market conditions.

Mr. Fu Chengyu, Chairman and CEO of COSL, said, "We're delighted and honored to have received this award. This is a recognition of all the hard work committed by every working party throughout the listing process, and is the best Christmas gift to all of us. Thanks very much for the support of our shareholders and customers.

We will continue our endeavor to strengthen our corporate governance and transparency, and bring our shareholders better rewards." The 1,534,852,000 H share offering raised a total of approximately USf331 million including over-allotment. Credit Suisse First Boston Hong Kong Limited and Merrill Lynch, Pierce, Fenner & Smith Incorporated are the Joint Global Coordinators and Joint Bookrunners for the Global Offering.

Sidley Austin Brown & Wood acted as U.S. and Hong Kong counsel to COSL and Freshfields Bruckhaus Deringer as U.S. and Hong Kong counsel to the underwriters. - end -