COSL Charters Newbuild Jackup Excellence I from ICBC

China Oilfield Services Limited (COSL or the Group), the leading integrated oilfield services provider in offshore China, announced Thursday that it has chartered a 400-feet jackup “Excellence I”, from ICBC Financial Leasing Co., Ltd. under an operating lease, and a naming ceremony for this rig hosted earlier today.

“Excellence I” measures 219 feet (66.71 meters) in length and is 220 feet (67.06 meters) in width. It is designed to operate at water depths of 400 feet and is capable of performing drilling operations at depths of up to 35,000 feet. It has been scheduled to commence drilling operations offshore China for clients by July 2014.

“Excellence I” is the third jackup the Group chartered year-to-date, as part of the efforts to meet rapidly growing domestic demand through deployment of external resources. Rigs that were chartered previously, HYSY 932 (300' ILC) and Gulf Driller I ((300' ILC), have commenced operation in offshore China market with signing of the operation contracts on April 18 and May 13 respectively.


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