COSL 941 Begins Drilling in Beibu Gulf

China Oilfield Services Limited reports that its newbuild jackup COSL 941 has recently been towed to Beibu Gulf, South China Sea and has successfully started its first well drilling operation there. This marked the official commencement of operations of COSL 941, the first advanced drilling rig constructed in China.

COSL 941 is the Company's first 400' jackup rig, which was delivered on May 31, 2006. Its successful commencement of drilling is an important milestone to the Company's drilling history.

Mr. Yuan Guangyu, CEO and President of COSL, said, "The construction project of COSL 941 is the biggest project the Company ever invested in since our public offering. Its delivery greatly enhanced our integrated equipment capacity. COSL 941's successful commencement of drilling is only the beginning of success, under such favorable market conditions, we are confident and determined in achieving better results."

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