1. 2005 Operating Review & 2006 Strategy outline January, 2006 China Oilfield Services Limited

2. 1 1 The information contained in our presentation is intended solely for your personal reference. In addition, such information contains projections and forward-looking statements that reflect the Companys current views with respect to future events and financial performance. These views are based on assumptions subject to various risks. No assurance can be given that future events will occur, that projections will be achieved, or that the Companys assumptions are correct. Actual results may differ materially from those projected.

3. 2 2005 Operating Review

4. 3 3 Drilling

5. 4 4 Well Services

6. 5 5 Marine Support & Transportation (MS&T)

7. 6 6 Geophysical Services

8. 7 2006 Strategy Preview

9. 8 8 Capitalize The Growth Opportunities Winning Strategies pave the way for sustainable growth Technology driver International penetration Competitive cost structure Integrated Solution Core Competitiveness

10. 9 9 Continuous and disciplined Capital Expenditure Comprehensive capacity growth in all business lines 2006 Capital Expenditure Estimates DrillingWell ServicesMarine Support & TransportationGeophysical RMB 2.8 billion CAPEX for 2006 budgeted

11. 10 Exploration Program offshore China expect to remain strong and extensive Sustainable secular potential for development capex As of Dec. 2005, 12 wildcat and appraisal new discoveries had been made offshore China since 2004 Stable growth of Operating expenditure 9 new oilfields started production in 2005 7 more to come on stream in 2006 Maturity of existing production fields Further promotion of IPM (Integrated Project Management) project Extended business scope for MS &T segment 1+2 Chemical carrier Offshore China Market Offshore China remains to be the anchor market for COSL in 2006

12. 11 Enhance corporate branding in international arena COSL is to rely on: High quality services Top HSE ( Health, Safety and Environment protections) standard Outstanding operation track record Win-win approaches with customers Capitalize on overseas development opportunity of CNOOC Ltd. Comprehensive and long term preparation in terms of manpower, equipment and technology development and management skills Right industry cycle for geographical expansion

13. 12 Sound Track Record & Future RMB mm 3-year revenue CAGR =17.4%

14. 13 Sustainable and Accelerating Growth Hold firm of current market share offshore China Penetrating into target overseas markets RMB 2.8billion capex budgeted 1 new jack-up& 2 chemical carriers to be delivered Optimize balance sheet and capital structure via external financing activities Aim to enhance ROE and shareholders return Maintain operating margin at similar level Keep cost side leading position among global peers Maintain high standard Financial Management Cost Management QHSE Capacity Market Strategy

15. 14 THANK YOU www.cosl.com.cn 2883.HK www.cosl.com.cn THANK YOU www.cosl.com.cn 2883.HK www.cosl.com.cn