COSL signs contracts to commission building of deep water geophysical and survey vessels

(6 July 2009 Hong Kong) China Oilfield Services Limited ( COSL or the Company ; HKSE stock code: 2883; SSE stock code: 601808), the leading integrated oilfield services provider in the offshore China market, says the Company had hosted a signing ceremony for agreements to commission building of deep-water 12-streamer geophysical vessel COSL720 and deep-water survey vessel COSL708 on 3 July 2009 in Beijing.

COSL720 is a 12-streamer dual-detector giant geophysical vessel powered by both diesel and electricity capable of navigating in unrestricted waters. It will be mainly used for collection of 3D seismic data in deepwater. COSL708 is an electricity-powered deep-water exploration vessel capable of navigating in unrestricted waters. It will be mainly used in geological surveying for ocean-bound engineering projects.

These two vessels constitute parts of the integrated supporting facilities in the Company s deep-water key-technology initiatives.

COSL720 is to be built by Shanghai Shipyard Co., Ltd. and will be rated by China Classification Society upon completion. COSL708 is to be built by CSSC Guangzhou Shipbuilding Company Ltd. and will be rated by both China Classification Society and Det Norske Veritas upon completion. COSL720 and COSL708 are scheduled to be delivered in the first half of 2011.

Completion of these two vessels will see COSL s deep-water service capabilities significantly enhanced, and the vessels will complete COSL s deep-water service chain.