New Breakthrough in COSL's Oilfield Technology in Overseas Market

(18 January 2008 - Beijing) China Oilfield Services Limited ( COSL or the Company , HKSE stock code: 2883, SSE stock code: 601808) announces that the Company has entered into a two-year service contract with Philippine National Oil Company for the provision of directional drilling services of 34 geothermal wells. The contact amounted to a few millions US dollars. This is the first time for COSL to undertake directional drilling services in overseas market.

Mr. Yuan Guangyu, Vice Chairman, CEO and President of COSL, is delighted to express, This is the first time for COSL to undertake directional drilling services in overseas market, marking a new breakthrough of COSL s oilfield technology in overseas market. I strongly believe that COSL is capable of completing this contract with high quality, undertaking the task successfully for our customers.

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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 30 September, 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.

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