COSL Announces Changes in Appointments of Directors and Senior Management

26 August 2010, Hong Kong The Board of Directors of China Oilfield Services Limited COSL or the Company , together with its subsidiaries, the Group ; HKSE stock code: 2883, Shanghai Stock Exchange stock code: 601808, the leading integrated oilfield services provider in the offshore China market, today announced that Mr. Fu Chengyu has resigned today as Chairman and Director of the Company. Mr. Liu Jian, as he is appointed the new Chairman of the Company, has resigned as Chief Executive Officer and his directorship is changed from executive to non-executive. Mr. Li Yong is appointed the new Chief Executive Officer of the Company. Due to job reassignments, Mr. Zhong Hua has resigned as Executive Vice President and Chief Financial Officer of the Company. He will be replaced by Mr. Li Feilong. Mr. Zhong s resignation and Mr. Li Feilong s appointment will be effective from 16 September 2010.

Mr. Fu said: As Chairman of the Company, I have been witnessing COSL s consistent rapid growth in the last eight years since its listing in Hong Kong in 2002. The Company s yearly revenue in 2009 was almost seven times that of 2002. Its net profit for 2009 was almost 9 times that of 2002. Its shareholder equity in end-2009 was 3.

6 times the level in end-2002. I am proud of these achievements and would like to extend my gratitude to all staff members, all the former and incumbent senior management executives and members of the Board of Directors. I am also glad to see the Board s decision to appoint Mr. Liu Jian as the new Chairman.

He is a true leader strong in his strategic thinking about the Company s developments and his capabilities in dealing with challenges and stress. I have full confidence in his experience and leadership capabilities. I believe that under Mr. Liu s leadership the Board of Directors will take the Company into an even brighter future.

Mr. Fu also gave his remarks about the newly appointed CEO Mr. Li Yong: Mr. Li has over 26 years of experience in the oil and natural gas industry and has served in important positions in major oil companies and oilfield services companies. His work in the COSL management team is highly recommended by the Board.

I look forward to his outstanding performance in his new position.

The newly-appointed Chairman Mr. Liu Jian said: Mr. Fu Chengyu is the anchorman who took COSL to the international capital market and the mentor of COSL s development strategies. In the last few years, it was Mr. Fu s long term vision and outstanding leadership that enabled COSL to accomplish outstanding.

I myself has learned a lot during the past year working as a member of the Board of Directors and the management team and under Mr. Fu s leadership. With heartfelt conviction about my responsibilities as Chairman of the Company, I pledge to endeavor the best of my abilities, together with other members of the Board, to fulfill our duties, continue COSL s fast-growing development path and create consistent and stable return for shareholders.

I believe that the new CEO Mr. Li Yong and his team will follow the development strategies established by the Board to bring COSL s management to the next level.