COSLPromoter Starts Operation in Norwegian North Sea

China Oilfield Services Limited announces that COSLPromoter, a semi-submersible drilling rig of the Group, has officially commenced operation in Norwegian North Sea for an eight-year service contract with Statoil ASA on 2 April 2013 Norwegian Time.

As COSL’s third semi-submersible drilling rig being deployed in Norwegian North Sea, COSLPromoter is designed to operate in water depths of 70 to 750 meters. It has a racking capacity of 7,500 meters and is equipped with DP3 dynamic positioning and anchor mooring positioning systems. COSLPromoter’s sister rigs, COSLPioneer and COSLInnovator, commenced operations in August 2011 and November 2012, respectively, and have delivered excellent performance during their operation, thereby established outstanding reputation for the Company, while accumulating experiences on operation and management for COSLPromoter. Operation commencement of COSLPromoter enhances COSL’s competitiveness in the Norwegian North Sea market, while reinforcing its market position in this region. As of today, COSL operates two accommodation rigs and three semi-submersible drilling rigs in Norwegian North Sea and is among one of the larger oilfield service providers in the region.

[mappress]
Press Release, April 4, 2013