COSL signs offshore drilling rig service contract in Indonesia

(15 November 2007 Hong Kong) China Oilfield Services Limited ( COSL or the Company , HKSE stock code: 2883, SSE stock code: 601808) announced today that its Indonesia-based subsidiary, PT COSL INDO successfully awarded a public tender, which has renewed its drilling service contract with CNOOC SES Ltd for a period of two years. Under the contract, the Company s jack-up drilling rig Bo Hai 4 will provide drilling service for CNOOC SES Ltd.

Participants in the tender, which was held under the Laws of Indonesia, were a number of international industry peers. PT COSL INDO demonstrated itself to be able to meet the contract s requirements in both technical and commercial proposal and finally won the contract.

Mr. Yuan Guangyu, Vice Chairman, CEO and President of COSL, said: This is first tender for drilling service contracts that COSL signed without any agent. The continuing strong demand in the market brings about significant increases in day-rates for drilling services. This contract will generate a substantial income stream for COSL.

Expansion into the international market is one of COSL s four core strategies. We need to actively participate in competition like this to highlight our competitive strength in the international market. In the last few years, COSL has accelerated its development pace in the international market, which contributes to 18% of our total revenue. We anticipate more room for this proportion to grow in the coming years.

To maintain oilfield services leading position in offshore China, COSL will consolidate its foothold in Southeast Asia and step up its expansion efforts into the Middle East, Gulf of Mexico, Russia and Africa in order to achieve balanced developments in both the domestic and overseas markets, Mr. Yuan added.

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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 70 support vessels and 4 oil tankers, 4 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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