Drilling contract for COSLPioneer

"This contract is a major recognition　of　our strategy to build and operate　purpose-built　rigs　for　the mid-water segment in Norway", says Mr. Jørgen Arnesen, CEO of COSL Drilling Europe.　　

The contract period is up to 5 years of drilling on the Norwegian Continental Shelf.

COSLPioneer is the first finalized out of three 5th generation semi submersible COSL drilling rigs under construction at CIMC Yantai Raffles shipyard. COSL Drilling Europe took delivery on the rig in late November 2010, and will sail the rig directly to Norway for commencement in summer 2011.

The COSLPioneer drilling unit is built according to the most stringent requirements for operations in harsh environment, and is capable of operating on the Norwegian Continental Shelf in water depths ranging from 70 to 750 meters.

The three semi-submersibles are the first mid-water rigs to be built for the Norwegian Continental Shelf since 2001. There are currently no other semi-submersibles tailored for this waters under construction. COSLInnovator and COSLPromoter, the two rigs currently under construction with delivery in 2011 and 2012 respectively, already have long-term contracts signed with Statoil for use on the Troll field in Norway.

"With long contract coverage on all three semi-submersibles built and under construction at Yantai, we have succeeded in our predictions of future demand and capacity. We are especially proud that Statoil, the largest operator in Norway, has signed contracts for all three rigs", Mr. Arnesen says.

In addition to the three semi-submersibles, COSL Drilling Europe operates 2 accommodation units currently on contract with ConocoPhillips in Norway and owns further 8 jack-up rigs. The company is headquartered in Stavanger, Norway. COSL Drilling Europe is a 100% subsidiary of China Oilfield Services Limited with headquarters in Beijing.

For further information, please contact:

Mr. Jørgen Arnesen, CEO of COSL Drilling Europe AS
+47 988 99 650

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