COSL, Husky Enter Into Major 3D Contract

China Oilfield Services Limited (COSL) has entered into a 3D seismic data acquisition contract with Husky Energy Inc. COSL718, the Company's six-streamer seismic vessel, will execute the operation contract during the effective timeframe in 2007, for an operation period of approximately six months.

The operation will cover the eastern area of the South China Sea, with water depth ranges from 200 to 1,000 m. The contract covers the operation volume of seismic data for an area of 2,800 full fold km2.

"This is the largest 3D seismic data acquisition contract obtained by COSL upon its listing," Mr. Yuan Guangyu, CEO and President of COSL, said. "Looking forward, the global demand for oil and gas exploration will remain strong, with an increasing number of exploration and development in offshore China, thereby fuelled the operation demand for 3D seismic data collection by oil companies. COSL is proactively responding to market changes by improving the capability of its equipment. With the newly revamped COSL718 commencing operation, our operation efficiency is significantly enhanced. This not only enables the Company to cater to the international demand for the operation of multi-focus and multi-streamer seismic vessels, but also contributes to a favorable environment for the Company to capture more market opportunities in the geophysical services sector and generate lucrative returns."

Mr. Zhong Hua, CFO and Executive Vice President of the Company added, "By strengthening and upgrading our existing equipments, we can further increase revenue contribution to the Company, which is one of the key momentum for COSL's future development."

COSL718, the new six-streamer seismic vessel of COSL commenced operation upon revamping in March 2006.

COSL is the leading integrated oilfield services provider in the offshore China market. Its services cover each phase of offshore oil and gas exploration, development and production. Its four business segments are drilling services, well services, marine support and transportation services and geophysical services.

As at March 31, 2007, COSL operated 15 drilling rigs, including 11 jack-ups and three semi-submersibles while operating one leased jack-up rig. In addition, COSL owns and operates the largest and most diverse fleets in offshore China, including 70 support vessels and five oil tankers, one chemical vessel, seven seismic vessels, and four geotech survey vessels. It also has a vast array of modern facilities and equipment for logging, drilling fluids, directional drilling, cementing, well completion and well work-over services.

The majority of COSL's business activities are conducted in offshore China, with the other activities extending to different regions of the world such as North and South America, the Middle East, offshore Africa and offshore Europe. COSL and its employees are dedicated to providing premier quality services, while adhering to the highest health, safety and environmental standards. COSL has obtained ISM (International Safety Management) certifications, and has established and executed QHSE management system according to the ISO 9000, ISO 14000 and OHSAS management standards.

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