(2 July 2006 – Hong Kong) China Oilfield Services Limited (“COSL” or the “Company”, stock code: 2883HK) announced today the formation of a joint venture company with Trico Marine Services, Inc. (“Trico”, NASDAQ: TRMA ) for the development and provision of international marine support and transportation services. With its registered offices located in Hong Kong, the joint venture company, Eastern Marine Services Limited (“Eastern Marine”) will provide services for offshore oil and gas exploration, production and related construction and pipeline projects mainly in Southeast Asia, the Company’s targeted overseas market.

Eastern Marine will be managed pursuant to the terms of a shareholders agreement entered into between the Company and Trico on 20 March 2006. In exchange for its 51% interest in Eastern Marine, COSL will make a capital contribution of US$20.9 million in cash to Eastern Marine. In exchange for its 49% interest, Trico will contribute four vessels currently in the North Sea and 10 vessels currently in the Gulf of Mexico with an aggregate amount of approximately US$38 million, US$17.9 million of which was in excess of Trico’s required capital contribution in Eastern Marine. As a result thereof, Eastern Marine paid to Trico approximately US$17.9 million, US$3.5 million of which will be held in escrow until the four vessels from the Gulf of Mexico are delivered by Trico to Eastern Marine in January 2008. The joint venture will have an initial fleet of 14 vessels, of which seven will be temporarily operating in China to meet the strong demand in China Offshore, and seven vessels will be targeted for operations in key Southeast Asia markets.

Mr. Yuan Guangyu, Chief Executive Officer and President of COSL, said, “This joint venture is perfectly aligned with our long-term strategy of maintaining our position as a leading provider of oilfield services in offshore China. We believe that our abilities will be further strengthened by providing diversified and quality oilfield services in broader offshore markets throughout Southeast Asia. This joint venture signifies an important breakthrough for COSL’s marine support and transportation business, as we believe Trico’s expertise in marine support services will enhance our overall value.”

Mr. Zhong Hua, Chief Financial Officer and Executive Vice President of COSL stated, “With more vessels in hand, COSL is well-positioned to grasp more business opportunities in a timely manner. Through the establishment of this joint venture, our capacity will be significantly improved, contributing to an ideal platform for future profit growth.”

Joseph S. Compofelice, Chairman of the Board of Directors of Trico, commented, “Expansion into growing international markets has been a key tenet of our long-term strategy. Our joint venture with COSL represents a unique opportunity for sustained growth opportunities in regions with immense potential in the development of oil and gas exploration. In view of the promising prospects of partnering with the largest offshore services company in China, together with its potential of offering cost competitive services, we believe COSL is the most attractive partner for our strategic move into this emerging market.”