COSL Reports on Status of Module Rigs for Pemex

China Oilfield Services Limited (COSL) on Wednesday said that two of the four module rigs—COSL1 and COSL4--invested and constructed for Pemex in Mexico have completed the platform installation stage and have begun to charge on a day-rate basis. The other two module rigs, COSL2 and COSL3, have been delivered to the Gulf of Mexico and are currently in the preparation stage of preliminary operations.

The contract for the four COSL module rigs in the Gulf of Mexico was obtained through open tender, pursuant to which COSL is responsible for the investment and construction of the four module rigs, and the mobilization, installation and rig-up. Each rig is employed for three years under the contract. Under the terms of the contract, two rigs are leased together with the operating staff of COSL while only rigs are leased for the other two.

Yuan Guangyu, CEO and President of COSL, said, "The signing of contract for the construction and operation of PEMEX module rigs in the Gulf of Mexico and successful construction of the rigs laid a solid foundation for COSL's exploration of new profit driver. The on-schedule execution of the contract for the four module rigs reflected the high operation efficiency and management capabilities of the Company, which further enhance the overseas brand awareness of COSL."

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. COSL's 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.

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