COSL Signs Construction Agreement(33155)

(18 December 2007 Beijing) China Oilfield Services Limited ( COSL or the Company , HKSE stock code: 2883, SSE stock code: 601808) announced that China Merchants Heavy Industry (ShenZhen) Co., Ltd. and Dalian Shipbuilding Industry Co., Ltd. were awarded via tendering with the construction of two 350-ft jack-up rigs.

China Merchants Heavy Industry (ShenZhen) Co., Ltd. and Dalian Shipbuilding Industry Co., Ltd. are both renowned shipbuilding companies in the PRC with extensive experiences in shipbuilding and management. The two new drilling rigs, being named COSL936 and "COSL937 , are expected to be delivered by end of 2009.

The investment in the construction of the new drilling rigs will further enhance COSL s fleet and equipment, as well as the Company s capability in market expansion.

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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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