COSL Takes Delivery of COSL 941

China Oilfield Services Limited has officially taken delivery of the locally built COSL 941, its first self-constructed 400 foot jackup rig.

The COSL 941 jackup rig construction project was jointly implemented by COSL and the U.S.-based FGL Buyer LLC and was built in the PRC by Dalian New Shipbuilding Heavy Industries Co., Ltd. The total investment on the project is approximately US $135 million. Major equipment, power station and drilling machine engine facilities for the COSL 941 were provided by National Oilwell Varco, Caterpillar, and Siemens, respectively.

The design of the vessel, major equipment and facilities of the rig were built to advanced international standards. The operational depth of COSL 941 is 400 feet (122 m), and it is capable of drilling to a depth of 30,000 feet (9,144 m). COSL 941 is equipped to drill high-temperature and high-pressure wells. It is superior to other jackup rigs in the PRC. In addition, it is the first offshore drilling rig in the PRC that adopts automatic drilling machine control technology, a world-class automatic technology, and is the first jack-up rig in the world applying frequency variation engine technology for drilling machinery, embodying the realization of the Company's operation philosophy of "Quality, Health, Safety and Environmental protection"(also referred to as our "QHSE" policy).

Upon delivery, COSL 941 is scheduled to be towed to the Gulf of Tonkin to the west of Nanhai in mid-June. It will provide services to CNOOC Ltd for one exploration well and two production wells.

Mr. Yuan Guangyu, CEO of COSL, said, "The construction of COSL 941 is the largest project that the Company has embarked on since its listing, the completion of the project significantly enhanced the capacity of our facility. In addition, COSL 942, another 400 foot jackup rig, has entered into the phase of building and implementation. COSL endeavors to further enhance its drilling facilities and service capability while expanding its service scope, aiming to become an international energy service provider."

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