COSL Sees Smooth Start to Drilling in Libya

China Oilfield Services Limited announced that its COSL-7002 drilling rig's first drilling operation in Lybia experienced a smooth start on May 27, indicating COSL's project in Lybia officially enters into operation stage.

Mr. Yuan Guangyu, Vice Chairman, CEO and President of COSL, said: "Despite the steep challenge posed by the project in Lybia, COSL has been able to leverage fully its advantages in technical expertise and management know-how and demonstrated relenting dedication to overcome difficulties during the course of prospecting market potential, contract terms negotiation, drilling rig construction and transportation, pre-drilling preparation and organizing team staff, ultimately commenced the first drilling operation on the onshore oilfield in Lybia using the first rig introduced to there. At the moment the second rig is now on delivery and the remaining rigs will soon see their construction completed. I believe that COSL is fully confident and fully eligible in fulfilling this Lybia onshore drilling service contract and create new avenues of growth through further expansion into overseas markets using its strong integrated service capabilities."