COSL signed a new contract for COSLRigmar with ConocoPhillips

China Oilfield Services Limited COSL announces that the Company s wholly-owned subsidiary COSL Drilling Europe AS CDE has signed a new 12 months contract for the accommodation unit COSL Rigmar with ConocoPhillips Skandinavia AS. Commencement of the assignment is scheduled on 1^st October 2012. In addition ConocoPhillips has secured options for further use of the rig.

J rgen Arnesen, CEO of COSL Drilling Europe AS says, We are pleased to secure a new contract for one of our accommodation units working in Norway with our client ConocoPhillips. This contract demonstrates the attractiveness of our accommodation units which were upgraded/modified during the last years to meet the highest standard applicable for accommodation units in Norwegian waters.

This contract awarded, together with Statoil's contract awarded in last December for the semi-submersible drilling unit COSLPioneer shows that COSL Drilling Europe is a highly recognised supplier of drilling- and accommodation unit services by the major oil companies on the Norwegian Continental Shelf .