Chinese COSL renews contracts with PEMEX for module rig

April 18, 2014

China Oilfield Services Limited ("COSL" or the "Company") renewed its cooperation contract for COSL3 module rig with Petróleos Mexicanos (PEMEX) for an operation period of 32 months at higher contract day rates, COSL’s press office said on April 17. The COSL3 module rigs will commence operation by the end of May.

Since November 2013, COSL has successfully renewed contracts for its first batch of module rigs (COSL1, COSL2, COSL3 and COSL4) in the Gulf of Mexico at higher contract day rates. The fifth new module rig had been towed to Gulf of Mexico for installation and examination, which is expected to contribute to Group's steady growth in its financial results for 2014.

Source: COSL Press Office, 2014