COSL to Commission Building of Deepwater Geophysical and Survey Vessels

On 6 July, China Oilfield Services Limited ("COSL") announced that the company had hosted a signing ceremony for agreements to commission building of a deepwater 12-streamer geophysical vessel "COSL720" and a deepwater survey vessel "COSL708" on 3 July 2009 in Beijing.

COSL720 is a 12-streamer dual-detector geophysical vessel powered by both diesel and electricity capable of navigating in unrestricted waters. It will be mainly used for collection of 3D seismic data in deepwater. COSL708 is an electricity-powered deepwater exploration vessel capable of navigating in unrestricted waters. It will be mainly used in geological surveying for offshore engineering projects.

These two vessels are part of the integrated supporting facilities in the company's deepwater key-technology initiatives.

COSL720 is to be built by Shanghai Shipyard Co., Ltd. and will be rated by China Classification Society upon completion. COSL708 is to be built by CSSC Guangzhou Shipbuilding Company Ltd. and will be rated by both China Classification Society and Det Norske Veritas upon completion. COSL720 and COSL708 are scheduled to be delivered in the first half of 2011.

Completion of these two vessels will further enhance COSL's deepwater service capabilities and complete COSL's deepwater service chain.