1. COSL Reverse Roadshow “COSL941” COSL Reverse Roadshow “COSL941” 30 May 2006 CHINA OILFIELD SERVICES LIMITED

2. 2 “COSL941” – Its first locally built 400-foot jack- up rig in the PRC – officially delivered in Dalian on May 31, 2006 The construction project was jointly implemented by COSL and the U.S.-based FGL Buyer LLC Major equipments, power station, and drilling machine engine facilities in “COSL941” are provided by National Oilwell Varco, Caterpillar, and Siemens, respectively Introduction

3. 3 “COSL941”

4. 4  About “COSL941”  Market Overview  Conclusion

5. 5 The total investment cost of the “COSL941” is over USD135 million. It is the first jack-up rig in the world applying frequency variation engine technology for drilling machine, representing the realization of “Zero Discharge”. “COSL 941” bears equipment of advanced international standards, thus it is believed that the performance of the jack-up rig will be highly enhanced. TechnologyCOSL941 PRC Platforms (Highest Current Configuration) Operation depth400 ft300 ft Drilling depth30,000 ft20,000 ft Cantilever length75ft×30 ft60ft×24 ft High-temperature and high-pressure drilling capacity EquippedNot equipped About “COSL941”

6. 6  About “COSL941”  Market Overview  Conclusion

7. 7 Currently, there are 13 400-foot jack-up rigs operating around the world, 2 new vessels to be delivered in 2006 （ These being “COSL941” and “WilCraft” of Premium Drilling ） As the “COSL941”’s new equipment needs to be worn in, its first contracted operation will be in the PRC Increment of 90% ~ 94% in day rate, compared with average rate of COSL’s jack-up rigs in 2005 Market Overview

8. 8  About “COSL941”  Market Overview  Conclusion

9. 9 “COSL941” is the largest investment project since COSL’s listing, the excellent performance capabilities of “COSL941” enables it to easily adapt to drilling environments around the world, bringing new dynamics to the Company’s “International Strategy” Second jack-up in building&implementation stage, bringing world-leading drilling equipments to COSL in the near future, improving performance in terms of service and service areas, and becoming a top-notch energy services provider in the international market COSL is committed to maximizing shareholder value Conclusion

10. 10 Thank You www.cosl.com.cn