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The board of directors (the “Board”) of China Oilfield Serviced Limited (the “Company”) announces that COSL Offshore Management AS, a wholly-owned subsidiary of the Company, has recently initiated two claims at the Stavanger District Court of Norway against Statoil Petroleum AS (“Statoil”) of Norway in respect of (i) outstanding standby fees for the installation of third-party equipment at the drilling platform COSL Innovator in the amount of approximately Norwegian Krone 145,000,000 and US$46,000,000 and associated interests, and (ii) outstanding standby fees for the installation of third- party equipment at the drilling platform COSLPromoter in the amount of approximately Norwegian Krone 165,000,000 and US$51,000,000 and associated interests, respectively. The claims have not been heard by the court as at the date of this announcement. Both COSLInnovator and COSLPromoter are currently providing normal operational services to Statoil. As at the date of the announcement, the Company cannot predict the timing and final outcome of the claims. The Company will update the market on the status of the claims by further announcement(s). Shareholders and investors are reminded to exercise cautions when dealing in the securities of the Company. By order of the Board China Oilfield Services Limited Yang Haijiang Company Secretary 11 October 2013 As at the date of this announcement, the executive directors of the Company are Messrs. Li Yong and Li Feilong; the non-executive directors of the Company are Messrs. Liu Jian (Chairman) and Zeng Quan; and the independent non-executive directors of the Company are Messrs. Tsui Yiu Wa, Fong Wo, Felix and Chen Quansheng. China Oilfield Services Limited |
COSL initiated two claims against Statoil in respect of outstanding standby fees for the installation of third-party equipment at drilling platforms