(22 March 2006 - Beijing) China Oilfield Services Limited (“COSL” or the “Company”; Stock code: 2883HK.) announces the recent renewal of the drilling agreement in Myanmar with Daewoo International Corporation (“Daewoo International”). NH II, the Company’s semi-submersible drilling rig, will continue to provide services to Daewoo International.

Based on the customer’s operation requirement and upon negotiation between two parties, the Company and Daewoo International signed the renewal contract of operation, of which NH II will continue its operation in Myanmar. According to the contract, the Company will provide drilling services and well testing to Daewoo International until the end of May at a daily drilling rate of USD100,000 per day.

Mr. Yuan Guangyu, the CEO and President of COSL, said, “During the past operation period of nearly 60 days, the Company obtained reputable recognition from Daewoo International by leveraging on our quality services and efficient management. We are delighted to continue to offer drilling services to Daewoo International. Capitalizing on our exertions, COSL successfully established its brand in overseas market. By providing more overseas services, together with our enviable reputation, we believe and are confident of expanding our client base and expediting demand for our services.”

Background Information about the Company

China Oilfield Services Limited (“COSL”, stock code: 2883) 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 activities, well services, marine support and transportation services and geophysical services. COSL has been listed on the Main Board of the Stock Exchange of Hong Kong Limited since November 20, 2002. Since March 26, 2004, COSL's stocks can be traded by means of Level I unlisted American Depositary Receipts at OTC (over-the-counter) market in the United States. The ticker symbol is CHOLY.

As at December 31 2005, COSL operated 14 drilling rigs, including 10 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 68 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 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 worldwide employees are dedicated to providing premier quality services, while adhering to the highest health, safety and environmental standards. COSL has obtained the ISO 9000 and ISM (International Safety Management) certifications. COSL also plans to obtain certifications under the ISO 14000 environmental management standard as well as the OSHA 18000 occupational health and safety standards.

For further enquires, please contact:
Mr. Chen Weidong
Tel: 86-10-84521686
Email: chenwd@cnooc.com.cn

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