00

China Oilfield Services Limited

May 2009

11

Disclaimer

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 Company’s 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 Company’s assumptions are correct. Actual results may differ materially from those projected.

22

Agenda

Company Background1

Results Review 20082

3Company Outlook 2009 3

33

Company Profile

The leading integrated oilfield services provider in offshore China, with more than 20 years E&P experience.

Listed in Hong Kong under the ticker 2883 since 2002, listed in Shanghai under the ticker 601808 since 2007

Keeping dominant position in offshore China market, while exploring global market with competitive edge.

44

As a Leading Integrated Oilfield Services Provider …

Profit Breakdown

Over 80 working vessels + 3 oil tankers + 5 chemical carriers

20 jack-ups + 3 semis + 2 accommodation rigs + 6 land rigs + 4

module rigs

60%

21%7%12%

8 seismic vessels + 4 comprehensive offshore survey vessels

Revenue Breakdown

Integrated well services

62%

18%8%12%

Well ServicesWell Services

GeophysicalGeophysicalMarine Support & Transportation (MS&T)

Marine Support & Transportation (MS&T)

DrillingDrilling

•Facilities figures are based on 1Q2009

55

… Leading Position in China, with Solid Customer Base

0%

20%

40%

60%

80%

100%

D rilling W ell

S ervices

M S & T G eophysical

COSL Others

60%70%

80%

ROCKOILROCKOIL

PNOC

___________________________1. As at 31 December 2008.

Shares in Offshore China Market1Shares in Offshore China Market1 Selected high-quality domestic and PSC clientsSelected high-quality domestic and PSC clients

Selected well-known international clientsSelected well-known international clients

Abs

olut

e C

ompe

titiv

e Ed

ge

66

2,726 3,0623,824

4,789

6,365

12,143

9,008

0

2000

4000

6000

8000

10000

12000

14000

2002 2003 2004 2005 2006 2007 2008

02-08 CAGR 28%

02-08 CAGR 28%

（RMB mn）

RevenueRevenue

354466

702821

1,128

3,102

2,238

0

500

1000

1500

2000

2500

3000

3500

2002 2003 2004 2005 2006 2007 2008

02-08 CAGR 42%

02-08 CAGR 42%

（RMB mn）

Net profitNet profit

Sound Track Records

77

7,150

5,833

3,465

2,715

2,071

3,250

1,004

4,410

2,580

1,321

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2005 2006 2007 2008 2009E

COSL CDE

（RMB mn）

69%

31%

Overseas

Domestic

CAPEX to Satisfy Increasing Demand

CAPEX since listingCAPEX since listing Domestic & overseas CAPEX breakdown in 2009Domestic & overseas CAPEX breakdown in 2009Domestic & overseas CAPEX breakdown in 2009

88

Agenda

Company Background1

Results Review 20082

3Company Outlook 2009 3

99

Global Macro-economy in Doldrums in 2008

Slowdown in global economic growthSlowdown in global economic growth Fluctuation of Intl’ Oil PriceFluctuation of Intl’ Oil Price

0

20

40

60

80

100

120

140

160

Jan-08 Mar-08 May-08 Jun-08 Aug-08 Oct-08 Dec-08

WTI Crude Oil Price

USD/Barrel

147.27

32.405.3% 4.9% 5.1% 5.0%

3.7%

16.8%

10.2% 10.7%

13.0%

9.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

2004 2005 2006 2007 2008

Grow th Rate for World GDP Grow th Rate for China GDP

International crude oil prices have been fluctuating substantially, price went up to hit historical high at US$147.27/barrel in mid-2008, but then quickly plunged to a 5-year low during the second half. Average WTI crude price in 2008 was US$99.9/barrel

Source:IMF,National Bureau of Statistics of China

Global financial crisis triggered by the sub-prime crisis in the US has significantly eroded real economies around the world.Developed countries slipped into recessions, and economic growth in emerging countries and other developing countries also experienced acute declines.

China’s economic growth slowed down by 4 pp year-on-year

Source: Bloomberg

1010

2008 Results Overview

in RMB mn 2008 2007 Change%

Revenue 12,142.9 9,008.0 34.8%

Operating profit 3,630.5 2,827.4 28.4%

Operating profit margin 29.90% 31.39% 1.49pp

Net profit 3,102.2 2,237.6 38.6%

EPS (RMB cent) 69. 01 54.24 27.2%

Net operating cashflow 4,037.8 2,964.3 36.2%

Cash & cash equivalents 4,295.5 6,797.1 36.8%

Total assets 56,587.1 23,089.1 145.1%

Total debts 36,789.3 5,864.0 527.4%

Shareholders’ equity 19,797.8 17,225.0 14.9%

ROE 16.80% 19.86% 3.06 ppTotal liability / Total assets 65.00% 25.40% 39.60 ppTotal debts / equity 142.20% 15.35% 126.85 pp

1111

9,242

12,430

2007 2008

+313

5mn,

34.8%

OOverseas verseas businesses businesses spanning in 2spanning in 211 countries and countries and regions, regions, generating generating RMB3,040 RMB3,040 mnmn in in revenue, uprevenue, up 85%85%yy--oo--yy

Driving Factors for Revenue Growth

12,14312,143

9,0089,008

RMB mn

M&A

Price

Workvolume

Newfacilities

Regionalcontribution

Drivingfactor

Segmental contribution

China(55%)

Overseas(45%)

Geophysical(14%)

MS&T( 8%)

Well Services(15%)

Drilling(63%)

1212

Rapid Growth in Four Core Segments(R

MB

mn)

2007 2008

3,922

2,270

1,3741,442

0

6,000

12,000

34.8%

(RM

B m

n)2007 2008

2.3%

20.0%

20.5%

42.2%1,489

471

491

551

2,118391409538

0

3,500

7,000

DrillingWell Services

MS&TGeophysical

28.4%30.2%

17.4%

20.4%

51.0%

2,733

1,614

1,877

5,920

DrillingWell Services

MS&TGeophysical

34.8% growth in revenue34.8% growth in revenue 28.4% growth in operating profit28.4% growth in operating profit

1313

Highlights in Four Core SegmentsWell ServicesWell Services

GeophysicalGeophysicalMarine Support & TransportationMarine Support & Transportation

DrillingDrilling

The world’s 8th largest drilling fleet in operation

High utilization rate of drilling fleet: Calendar day utilization rate 91.1% for jack-ups, 100% for semis: both achieved available day utilization rate of 100%

Price grew steadily : Average day-revenue for jack-ups was US$116,000, up 48.7% yoy. US$179,000 for semis, up 26.1%.

Outstanding contribution from overseas operations and well-developed onshore businesses

Operations in the domestic market approaching full capacity

Introduced new services in overseas operations, such as directional drilling technical support for overseas clients

Revenue contributions from proprietary technologies (ELIS,FCT, etc)

Obtained 38 patents in 2008, of which 9 are innovation patents, boosting the total no. of patents to 117, of which 34 are innovation patents

Boasts largest & most comprehensive offshore support and transportation fleet in China

- lowered costs by procuring facilities domestically

- leased facilities from external sources to meet demand when in-house equipment were inadequate

Service rates grew steadily

High utilization rate: average available day utilization rate was 99.3%, calendar day utilization rate was 94.8%

Strong domestic demand

Continuous breakthroughs in overseas operation

Highly efficient operations from new vessels, data collection saw volume increased

- Asia’s most advanced 8-streamer survey vessel COSL719 commenced operation in March, completed 3D Data collection volume aggregating 3,113 sq.km.

1414

CDE Integration Progress

Principles of IntegrationPrinciples of Integration

Smooth transition, retaining core personnel

Streamline CDE’s corporate structure and lower administrative cost

Positioning for both short and long term, taking international dimensions into consideration

Phase I (completed) ：Before completion, established a preliminary integration plan

Phase II (completed)：Implemented and concluded the preliminary plan within 100 days

after completion, developed a long-term integration plan

Phase III：Implement the long-term integration plan within the first 1-2 years

Adjust company organization structure

Stabilize core team. establish mechanisms in compensation, motivation and evaluation

Decide on management approach and procedures

Complete integration on financial reporting systems

Facilitate construction of semis

Key Integration highlightsKey Integration highlights

A th

ree-

phas

e in

tegr

atio

n

1515

Significant Upgrading of Operation Capabilities after Integration

1 1

6 5 4 53

42

1

302468

10

Less/equal to 250 feet Approx.300 feet 375 feet 400 feet less/equal to 1500 feet 2500 feet 5000 feet (Option) 10000 feet

Existing Under construction

Range of operating depths of COSLCOSL’’s s drilling rigs

Jack-up

Comparable average fleet age of major players

___________________________

Source: ODS report as at Feb 2009. Platforms consist of jack-ups, semis and drillships, excluding platform under construction

___________________________

Source: Company report

Semi

（No. of rigs）

Age in Years

6542

1543

27 31 22 20 15 8

53

11

302

123 1 7

14

31 2

3

132

5646 45 41

3122 22 18 18

2

0

30

60

90

120

150

Tran

soce

an

Nob

le

Dia

mon

dO

ffsho

re

ENSC

O

Prid

e

Her

cule

rsO

ffsho

re

Row

an

CO

SL

Aba

nO

ffsho

re

Sead

rill

Jack-ups Semi-submersibles Drillships

No.8

The world’s 8th largest drilling service provider

19

2223

25 26

29

0

5

10

15

20

25

30

COSL Ensco Transocean Pride Noble Diamond

1616

Continuous Improvement on QHSE

COSL’s OSHA (score on the record) was 0.26, maintaining a low level by industry standards

COSL achieved an outstanding environmental protection record with no pollution accident (e.g. oil spillage) in 2008

0.25 0.26

0.45

0.220.27 0.29

0.32

0.00

0.20

0.40

0.60

0.80

2002 2003 2004 2005 2006 2007 2008

OSHA

Health:The foundation for

our corporate success

Environment:Be a responsible

international citizen

Quality:In pursuit of high quality

QHSEQHSE

Safety:Our persistent promise

1717

Fulfilling Social Responsibilities

Extended care to the society and staff members; launched regular “Giving Warmth and Love” and other activities for the poor and distressed

Established a COSL Academy of Technology aiming at nurturing talents to become professionals, enhancing the current training curriculum

The Company and its staff actively participated in public welfare activities

Donations for relief of earthquake-stricken people in Wenchuan, Sichuan aggregated RMB26.4 million

Donated RMB12 million in Hope Schools in Hainan Province

Improved the management of COSL Hope Schools in Mancheng and Luanping

1818

Agenda

Company Background1

Results Review 20082

3Company Outlook 2009 3

1919

Opportunities to Come With Challenges in the Oilfield Services Market in 2009

As the economy and the oil price remained sluggish and global supply for drilling platforms increases, competition for contracts is expected to intensify. Global day rates for jack-ups has already been declining, and that of semis are under pressure as well Due to its clientele and geographical reach, COSL’s day rates are more resilient to risks than that of its international peers

Source: Upstream, Bloomberg

Remark: Day rate index of 1 Jan 2004=100

Source：Report by ODS－PETRODATA., Feb 2009

Jack-up: ODS predicted the global demand/supply ratio of jack-ups will be 86.8% in 2009 and 85.4% in 2010 Semi: ODS predicted slight shortage of deep-water capacities in 2009, continuing into 2010 with a demand/ supply ratio at 100.4%Steady growth in demand for drilling in the offshore market in China

Declining global demand for drilling equipmentDeclining global demand for drilling equipment Downward pressure on global day ratesDownward pressure on global day rates

0

200

400

600

800

1000

1200

04/01 05/01 06/01 07/01 08/01 09/0130

50

70

90

110

130

150Day Rate Index (LHS) WTI (RHS) US$/bbl92%

95%97%

95% 94%92% 91%

400

450

500

550

600

650

700

2004 2005 2006 Dec-08 Jan-09 Dec-09 201060%

65%

70%

75%

80%

85%

90%

95%

100%

Global offshore rig usage (vessels)Demand to supply ratio(%)

2020

0.0

6.0

12.0

18.0

Husky(South

east Asia)

Anadarko BG G roup CNOOC Woodside ConocoPhillips

PEMEX

2008P 2009E

Demand for Oil and Gas Exploration Services from China Continued to Grow

Source: The mentioned oil companies

China’s rapid economic development created strong demand for energy with CAGR averaged 7% between 2001 and 2008, while the country meets 50% of its crude oil demand with imports. With demand being maintained at high levels, investments in oil and gas exploration will sustain

Brisk exploration activities are seen in offshore China; Major COSL clients are keeping their CAPEX for 2009 intact or slightly higher than previous levels

CNOOC expects not to reduce investments in its major businesses in the next 3 years. Its CAPEX in 2009 will reach USD 6.77b, 19% higher than last year, of which no less than 97% will be appropriated to exploration, exploitation and production CAPEX. Projected CAPEX of PetroChina in 2009 will be same as 2008, at RMB200b annually in the next few years

（USD billion）

Barclay Capital concluded after surveying 357 oil and gas companies that “global investment in oil and gas exploration in 2009 will amount to a total of USD400b, 12% lower than USD454b in 2008”

Some of the COSL’s major clientsSome of the COSL’s major clients

CAPEX of some of COSL’s clients in 2009CAPEX of some of COSL’s clients in 2009

2121

1

2

4

5

New Capacity streaming inNew Capacity streaming in

High facility utilization ratesHigh facility utilization rates

Ongoing overseas explorationOngoing overseas exploration

Drivers for COSL’s Sustainable Development in 2009

Accountable management teamAccountable management team

3 Acquisition synergiesAcquisition synergies

2222

COSL’s New Equipment in 2009

Drilling servicesDrilling services

Well servicesWell services MS&TMS&T

1

COSL

Well services equipment such as ELIS and FCT 2 liftboats to be built

To partially complete building 18 utility vessels in 6 caegoriesCompleted building and delivery of the Indonesian barge project

375ft Jack-up rig COSL Confidence commenced operationA 400ft jack-up rig COSL Strike to be delievedA 350ft jack-up rig to be delievedA 200ft jack-up rig to be delieved

2323

High facility utilization rates2

4,228

1,080

4,556

1,098

1,442

751184

0

2,000

4,000

6,000

8,000

10,000

12,000

2007 2008 2009EJack-ups Semi-submersibles module rigs Land rigs Accomodation platform

Surge in operating days of drilling rigsSurge in operating days of drilling rigsWell services index

642

24,229 23,626

1,742

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2007 2008 2009E

Self-own vessels Leased vessels

Days

9,64913,592

49,448

37,810

800

10,800

20,800

30,800

40,800

2007 2008 2009E

3D data collection 2D data collection

Sq km

Rapid growth of work volume of well servicesRapid growth of work volume of well services

Sustained growth of MS &TSustained growth of MS &T Expansion in work volume of geophysical servicesExpansion in work volume of geophysical services

100

141

0

20

40

60

80

100

120

140

160

2007 2008 2009E

Remarks: Well services volumn index in 2007=100

2424

Synergies from Acquisition3

Integrated services improved

COSL concentrates on providing clients with high value-added and integrated oilfield services. COSL will capitalize on the high quality drilling equipment of CDE to increase market share and explore cross-selling opportunities, enabling all business segments to grow . COSL will benefit from different segments and stages of the industry and its overall competitiveness will be enhanced

COSL concentrates on providing clients with high value-added and integrated oilfield services. COSL will capitalize on the high quality drilling equipment of CDE to increase market share and explore cross-selling opportunities, enabling all business segments to grow . COSL will benefit from different segments and stages of the industry and its overall competitiveness will be enhanced

Leading position in offshore China market ensured

Drilling rigs of CDE will operate in offshore China after acquisition and the leading position of COSL in this market is consolidated. Meanwhile, the work volume of cementing and drilling mud will be quickly improved. More vessels for MS&T will be needed to meet the demand for standby services, transportation, etc.

Drilling rigs of CDE will operate in offshore China after acquisition and the leading position of COSL in this market is consolidated. Meanwhile, the work volume of cementing and drilling mud will be quickly improved. More vessels for MS&T will be needed to meet the demand for standby services, transportation, etc.

Cost structure optimized

COSL will continue to implement a core cost-oriented strategy and optimize its cost structure in areas of operation, merchandising, R&D, administration, finance, human resources and maintenance in order to ensure further business development

COSL will continue to implement a core cost-oriented strategy and optimize its cost structure in areas of operation, merchandising, R&D, administration, finance, human resources and maintenance in order to ensure further business development

Operational efficiency enhanced

Following the acquisition, COSL will see competitive edges of its units better complement one another to optimize the efficiency on asset utilisation, and further enhance operational efficiency, quality of work as well as profitability

Following the acquisition, COSL will see competitive edges of its units better complement one another to optimize the efficiency on asset utilisation, and further enhance operational efficiency, quality of work as well as profitability

2525

233 436

1,1041,645

3,043

-

1,000

2,000

3,000

4,000

5,000

2004 2005 2006 2007 2008 2009E

Ongoing Overseas Development4

Ongoing overseas expansion into 21countries and regions

- Consolidate operation in SE Asia and Gulf of Mexico

- Accelerate business development efforts in the Middle East, Russia and Africa

Leveraging the business platform of CDE, especially in the high-end market in North Sea

Explore new business opportunities and explore new service offerings

ChinaVietnam

Norway

Australia

Gulf of Mexico

Indonesia

Operating regions overseas

Revenue from overseas businessRevenue from overseas business

Geographical distribution of businessGeographical distribution of business

RMB mn

2626

Highly Qualified Management Team

Extensive managerial experience in Chinese oilfield services industry

25 years of experience in servicing international oil companies

Outstanding managerial efficiency and performance

10 years of experience in international operation

2005 — Best CFO in Asian Oil Industry

2003 — Named one of the 10 Best Managed Companies

2006 — Entrepreneur of the Year中国企业联合会中国企业联合会

中国企业家协会中国企业家协会

2007 —one of the top 100 listed companies in China by value

2008 —one of the 25 stocks with the best performance in Greater China in 2008

2005-2007—one of the 30 stocks with highest investment potential

Rich industrial and managerial experience Rich industrial and managerial experience Extensive recognition in industryExtensive recognition in industry

5

2727

1Q 2009 Results Review

RMB mn 1Q2009 1Q2008 Change%

Revenue 3,928.6 2,503.6 56.9%

Net profit 960.2 891.3 7.7%

EPS (RMB cent) 21 20 5.0%

Interest bearing debt 4,981 2,244 120%

Gearing ratio 140% 14.6%

Note: All above data are prepared in accordance with PRC accounting standards.

2828

Thank You!