COSL's compressive budget management system commenced full operation

(26 September 2008 - Beijing) China Oilfield Services Limited ( COSL or the Company , HKSE stock code: 2883, SSE stock code: 601808) announces that its comprehensive budget management system has successfully commenced full operation.

Since its beta launch on 7 April this year, this COSL comprehensive budget management system project has undergone three development stages including demand analysis, solutions design and system implementation. To better ensure the quality of full operation, COSL performed a trial run of the whole system using information from the Company previous year s budget.

The commencement of full operation of the comprehensive budget management system marks the beginning of a new stage in COSL s budget management. This system enables COSL s management to maintain tighter scrutiny over budget implementation in various operation units in a timely manner, thereby strengthening the Company's control over its budget management procedures. These help better ensure meeting of the budgeted targets set for each financial year.