COSL Reverse Roadshow COSL 941 CHINA OILFIELD SERVICES
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COSL Reverse Roadshow “COSL 941” CHINA OILFIELD SERVICES LIMITED 30 May 2006
Introduction • “COSL 941” – Its first locally built 400 -foot jackup 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 “COSL 941” are provided by National Oilwell Varco, Caterpillar, and Siemens, respectively 2
“COSL 941” 3
§ About “COSL 941” § Market Overview § Conclusion 4
About “COSL 941” The total investment cost of the “COSL 941” is over USD 135 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. Technology COSL 941 PRC Platforms Operation depth 400 ft 300 ft Drilling depth 30, 000 ft 20, 000 ft Cantilever length 75 ft× 30 ft 60 ft× 24 ft High-temperature and high Equipped -pressure drilling capacity (Highest Current Configuration) Not equipped 5
§ About “COSL 941” § Market Overview § Conclusion 6
Market Overview • Currently, there are 13 400 -foot jack-up rigs operating around the world, 2 new vessels to be delivered in 2006（These being “COSL 941” and “Wil. Craft” of Premium Drilling） • As the “COSL 941”’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 7
§ About “COSL 941” § Market Overview § Conclusion 8
Conclusion • “COSL 941” is the largest investment project since COSL’s listing, the excellent performance capabilities of “COSL 941” 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 9
Thank You www. cosl. com. cn 10
