COSL Announces Unaudited Operational Data for the Full Year of 2007(33161)

(30 January 2008 Hong Kong) China Oilfield Services Limited ( COSL or the Company ; HKSE stock code: 2883; SSE stock code: 601808) announced today its unaudited operational statistics for the full year ended 31 December 2007.

In addition, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance of the People s Republic of China in 2006, the Company estimated that its unaudited revenue and unaudited net profit for the financial year 2007 will increase by about 40% and 95% respectively from the previous year.

For the year ended 31 December 2007, the total number of operating days for drilling rigs was 5,308 days, representing an increase of 539 days, or 11.3%, over that of the corresponding period in the previous year. Number of operating days for jack-up rigs increased by 389 days or 10.1% over the corresponding period in the previous year; while that of semi-submersibles increased by 150 days or 16.

1% when compared with the last corresponding period. The above changes were mainly attributable to commencement of operations of the jack-up drilling rig COSL 941 , with 186 working days in 2007, while maintenance of jack-up rigs reduced by 203 days and that of semi-submersible rigs by 150 days. The average utilization rate in terms of available days remained at 100%, while in terms of calendar days, average utilization rate rose 7 percentage points to 97.

0%, hitting a new record.

Driven by increasing market demand and commencement of new projects, directional drilling operations delivered an aggregate work output of 581 wells, up 242 wells or 140.1%; cementing operations delivered work on 474 wells, up 42.8% from 332 wells in the previous year due to addition of the new cementing project in Papua New Guinea. The Company completed a total of 15,944 teamday of well workover, up 19.3% from the previous year, due to increasing demand from expansion into new domestic markets and increasing work volume of relocation or refurbishment with well workover facilities.

Different segments of the Company s well services delivered the following output during the period: 865 jobs of logging, 290 wells of drilling fluids, and 1,527 jobs of well completion. Apart from the 0.3% decline in the drilling fluid segment, logging and well completion respectively saw output increases of 3.3% and 22.7%, thanks to development of new domestic markets and projects.

The marine support and transportation services business of the Company operated for a total of 24,229 days during the period, 561 days or 2.4% more than that of the last corresponding period. This is mainly attributable to the respective increases of 618, 32 and 30 working days for AHTS vessels, PSV vessels and Utility vessels and a decline of 119 days for Standby vessels.

The average utilization rate in terms of available days rose 0.5 percentage points to 99.6%; while the rate in terms of calendar days eased 0.2 percentage points to 94.9%. The five support vessels operated under lease terms through the joint venture Eastern Marine Services Limited operated an aggregate of 642 days during the period.

In respect of the Company s geophysical services, battered by industry transformation of some vessels into 3D seismic data collection activities, the Company achieved collection of 37,810 km of 2D seismic data, representing a decline of 17.2% over the last corresponding period. Propelled by vibrant demand and with the facilities operated at high efficiency, the volume of 3D seismic data collection rose 32.1% to 9,694 sq km while that of 3D seismic data processing grew 35.8% to 5,686 sq km.

Upon the approval of the Board of Directors, the budget for capital expenditure of the Company in 2008 will be RMB5 billion. This budget will be mainly used in construction and purchase of one twelve-streamer seismic vessel, one deep-water engineering surveying ship, two 350-feet drilling rigs, two Liftboats, four 200-feet drilling rigs, three land drilling rigs, 18 standby vessels, 3+1 barges (Indonesia), two deep-water AHTS vessels, LWD and VSP logging equipment, coiled tubing and fracturing equipment for oilfield production optimization. In addition, the Company will start construction of 16 offshore engineering supporting vessels and procurement of undersea cable equipment.

Mr. Yuan Guangyu, CEO and President of the Company, said: The world saw an increasing trend in consumption of oil and natural gas in 2007. Driven by increasing demand, oil and gas exploration activities continue to be vibrant, supporting ongoing development of the oilfield services industry. Propelled by the ongoing strong development of the four core businesses, the Company had been able to leverage its competitive edges and take advantage of all available opportunities, achieving fruitful results in 2007.

Operational Performance Overview:

Drilling Activities	As at 31 December 2007	As at 31 December 2006	Change (%)

Operating Days (Days)	5,308	4,769	11.3
Jack-up Rigs	4,228	3,839	10.1%
Semi-submersible Rigs	1,080	930	16.1%

Utilization Rate (Available Day)	100.0	100.0	0.0
Jack-up Rigs	100.0	100.0	0.0
Semi-submersible Rigs	100.0	100.0	0.0

Utilization Rate (Calendar Day)	97.0	90.0	7.0
Jack-up Rigs	96.5	91.3	5.2
Semi-submersible Rigs	98.6	84.9	13.7

Well Services	As at 31 December 2007	As at 31 December 2006	Change (%)
Logging (no. of jobs)	865	837	3.3%
Drilling Fluids (no. of wells)	290	291	-0.3%
Directional Drilling (no. of jobs)	581	242	140.1%
Cementing (no. of wells)	474	332	42.8%
Well Completion (no. of jobs)	1,527	1,244	22.7%
Well workover (Team Day)	15,944	13,369	19.3%

Marine Support and Transportation Services	As at 31 December 2007	As at 31 December 2006	Change (%)

Operating Days (Days)	24,229	23,668	2.4%
Standby vessels	13,202	13,321	-0.9%
AHTS vessels	7,172	6,554	9.4%
PSV vessels	2,145	2,113	1.5%
Utility vessels	1,710	1,680	1.8%

Vessel Utilization Rate (Available Day)	99.6%	99.1%	0.5%
Standby vessels	99.8%	99.7%	0.1%
AHTS vessels	100.0%	98.8%	1.2%
PSV vessels	99.7%	99.8%	-0.1%
Utility vessels	96.6%	94.9%	1.7%

Vessel Utilization Rate (Calendar Day)	94.9%	95.1%	-0.2%
Standby vessels	95.2%	96.0%	-0.8%
AHTS vessels	93.9%	93.7%	0.2%
PSV vessels	97.9%	96.5%	1.4%
Utility vessels	93.7%	92.1%	1.6%

Geophysical Services	As at 31 December 2007	As at 31 December 2006	Change (%)
2D Seismic Data
Data Collection (km)	37,810	45,682	-17.2%
Data Processing (km)	14,137	14,512	-2.6%
3D Seismic Data
Data Collection (km2)	9,694	7,337	32.1%
Data Processing (km2)	5,686	4,187	35.8%

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About COSL

China Oilfield Services Limited 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 core 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 20 November, 2002 under the ticker 2883. Since 26 March, 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. COSL listed its A shares on on Shanghai Stock Exchange under the ticker 601808 since 28 September, 2007.

As at 31 December, 2007, COSL operated 15 drilling rigs, including 11 jack-ups and 3 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 75 support vessels and 4 oil tankers, 5 chemical tankers, 7 seismic vessels, and 4 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 in offshore China, with the other activities extending to different regions of the world including 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 ISM (International Safety Management) certifications and operated under the ISO 14000, ISO 9000 as well as OSHA 18000 to achieve QHSE management standards.

For further enquires, please contact:

iPR Ogilvy Ltd.
Natalie Tam / Peter Chan / Kent Lau / Cheris Lee
Tel: 2136 6182/ 2136 6955/ 2136 8059/ 3170 6751
Fax: 3170 6606
Email:natalie.tam@iprogilvy.com/peter.chan@iprogilvy.com/kent.lau@iprogilvy.com/

cheris.lee@iprogilvy.com

COSL Announces Unaudited Operational Data for the Full Year of 2007

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