COSLPromoter Commences North Sea Drilling Ops for Statoil

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China Oilfield Services Limited (COSL) announced that COSLPromoter (mid-water semisub) has officially commenced operations in the Norwegian North Sea for an eight-year service contract with Statoil ASA on April 2 (Norwegian time).

As COSL's third semisubmersible drilling rig being deployed in Norwegian North Sea, COSLPromoter is designed to operate in water depths of 230 to 2,460 feet (70 to 750 meters). It has a racking capacity of 24,606 feet (7,500 meters) and is equipped with DP3 dynamic positioning and anchor mooring positioning systems. COSLPromoter's sister rigs, COSLPioneer (mid-water semisub) and COSLInnovator (mid-water semisub), commenced operations in August 2011 and November 2012, respectively, and have delivered excellent performance during their operation, thereby established outstanding reputation for the Company, while accumulating experiences on operation and management for COSLPromoter. Operation commencement of COSLPromoter enhances COSL's competitiveness in the Norwegian North Sea market, while reinforcing its market position in this region. As of today, COSL operates two accommodation rigs and three semisubmersible drilling rigs in Norwegian North Sea and is among one of the larger oilfield service providers in the region.

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