COSL's 2nd 400 feet Jack-up Rig

7 November 2006 China Oilfield Services Limited COSL or the Company ; stock code: 2883.HK announced the Company s 2nd 400 feet jack-up rig COSL942 is now under construction stage.

Mr. Yuan Guangyu, CEO and President of COSL, has joined the opening ceremony with Dalian New Shipbuilding Heavy Industries Co., Ltd. and hosted its kickoff ceremony.

Mr. Yuan said, The newbuilt jack-up rig COSL942 is a major step for COSL s continuous development strategy, strengthing reinforcement and competitiveness enhancement.

At present, the first 400 feet Jack-up Rig COSL941 is well operating in Beibu Gulf of South China Sea.and COSL942 will help to increase the Company s capacity in the short future.

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Background Information about the Company

China Oilfield Services Limited COSL , stock code: 2883 is the leading integrated oilfield services provider in the offshore China market. Its services cover each phase of offshore oil and gas exploration, development and production. Its four business segments are drilling services, well services, marine support and transportation services and geophysical services.

COSL has been listed on the Main Board of the Stock Exchange of Hong Kong Limited since November 20, 2002. Since March 26, 2004, COSL's stocks can be traded by means of Level I unlisted American Depositary Receipts at OTC over-the-counter market in the United States. The ticker symbol is CHOLY.

As at June 30 2006, COSL operated 15 drilling rigs, including 11 jack-ups and three semi-submersibles while operating one leased jack-up rig. In addition, COSL owns and operates the largest and most diverse fleets in offshore China, including 68 support vessels and five oil tankers, one chemical vessel, seven seismic vessels, and four geotech survey vessels. It also has a vast array of modern facilities and equipment for logging, drilling fluids, directional drilling, cementing, well completion and well work-over services.

The majority of COSL s business activities are conducted offshore China, with the other activities extending to different regions of the world such as North and South America, the Middle East, offshore Africa and offshore Europe. COSL and its worldwide employees are dedicated to providing premier quality services, while adhering to the highest health, safety and environmental standards.

COSL has obtained the ISO 9000 and ISM International Safety Management certifications. COSL also plans to obtain certifications under the ISO 14000 environmental management standard as well as the OSHA 18000 occupational health and safety standards.

For further enquires, please contact:

Mr. Chen Weidong

Tel: 86-10-84521686

Email: chenwd@cnooc.com.cn

iPR Ogilvy Ltd.

Natalie Tam / Antonia Au / Katie Tsui / Jackal Leung

Tel: 2136 6182/ 2136 6176/ 2136 6955/ 2167 0467

Fax: 3170 6606

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