COSL Charters a New Drilling Rig, Excellence I

June 26, 2014

China Oilfield Services Limited (“COSL” or the “Group) announced that it has chartered a 400-feet jack-up rig, “Excellence I”, from ICBC Financial Leasing Co., Ltd. under an operating lease, and a naming ceremony for this rig hosted earlier today.

“Excellence I” measures 66.71 metres in length and is 67.06 metres in width. It is designed to operate at water depths of 400 feet and is capable of performing drilling operations at depths of up to 35,000 feet. It has been scheduled to commence drilling operations in China waters for clients by July 2014. “Excellence I” is the third jack-up rig the Group chartered year-to-date, as part of the efforts to meet rapidly growing domestic demand through deployment of external resources. Rigs that were chartered previously, “HYSY932” and “Gulf Driller I”, have commenced operation in offshore China market with signing of the operation contracts on April 18 and May 13 respectively.

Copyright, COSL, 2014.