COSLPIONEER secured a contract to operate in North Sea

China Oilfield Services Limited COSL or the Company announces that COSLPIONEER, a drilling rig under the Company s wholly-owned subsidiary COSL Drilling Europe AS CDE was awarded a contract by Statoil ASA to operate in North Sea for a period of up to five years.

COSLPIONEER is a fifth-generation semi-submersible drilling rig constructed in accordance with the most stringent requirements of operation in the rugged environment in North Sea. It is able to operate in water depths of 70-750 meters. COSLPIONEER was delivered in late October 2010. It is now in the middle of preparing for operation. It will then be towed to the designated operating waters and will start its operation in summer 2011.

The Company s CEO and President Mr. Li Yong said I would like to extend by thanks to Statoil for their trust in us. This contract for COSLPIONEER marks an expansion of the Company s business in North Sea. I believe that under CDE s management COSLPIONEER will be able provide high quality service for the client and grow with the client.