The information contained in this 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. Past track record

cannot be used as guidance for future performances

2

目 录 Contents

Results Overview

Segments Review

Company Prospects

3

Note: The above financial data are taken from the Company's audited financial reports prepared in accordance with Hong Kong Financial Reporting Standards

RMB million 2012 2011 Change Revenue 22,104.7 18,426.1 20.0%

Operating profit 5,618.6 4,982.8 12.8%

OP margin 25.4% 27.0% 1.6pp

Net profit 4,569.8 4,039.5 13.1%

EPS (RMB) 1.01 0.90 12.2%

RMB million 2012 2011 Change

Total assets 74,648.5 64,851.1 15.1%

Total liabilities 42,443.6 36,391.9 16.6%

Shareholders’ equity 32,204.9 28,459.2 13.2%

Cash &cash equiv. 9,814.9 5,646.2 73.8%

2012 2011 Change

Debt /Asset 56.9% 56.1% 0.8pp

Net debt /Equity 60.8% 75.8% 15.0pp

4

2011 2012

Domestic

Revenue

International

Revenue

13,253

(72%)

15,225

(69%)

5,174

6,879

Domestic increased 15%

International increased 33%

(28%)

(31%)

( in RMB million)

2011 2012

5

28%

Land drilling(Iraq) performed well

Logging and well cementing

progressed satisfactorily

logging contracts renewed for 3

yrs for UAE client

ME and North Africa

Pioneer received recognition

Innovator commenced operation

Promoter received AOC certificate

2 accom rigs secured contracts

Europe

26%

Boss provided drilling to BP

BH8 won Husky project

HY718, HY719 etc won Pakistan,

Thailand and Myanmar projects

Southeast Asia 12%

4 module rigs renewed contract

Confidence/HY936 secured long-

term contracts

A newly constructed module rig

secured contract

Americas 26%

8%

6

Source: CNOOC Ltd

Basin of Pearl River

Estuary South China Sea Locations of operations of semi-

submersibles in North Sea

COSLPioneer

COSLInnovator

COSLPromoter

HY981 commenced operation

NH8 commenced operation in late 2012

Innovator commenced operation in late 2012

Drilling

Self-developed deepwater drilling fluids and

cement slurries system, filling the technology

vacuum in China

Related technical services entered deepwater

business along with NH8

Well Services

Addition of HY681 and HY683 deepwater

vessels

MS&T

HY708 completed a christmas tree recovery

and installation operation, up to 1,500 m

HY720 broke several 3D seismic collection

records in China South Sea

Geophysical & Surveying

7

Improvements on emergency regulations

Safety drills for better emergency preparedness

Strengthened risk

management and investigation to minimize

occurrence of accidents

Energy consumption per output unit decreased

3.5%

Recovery and disposal of pollutants in

accordance with the regulations

NH502 conducting

fire drills

Oil spilling drills by

HY688

Safety and Risk Mitigation Promoted Environmental Protection

1. According to OSHA standards, coefficient 1

representing one accident per 200,000 man-hours

OSHA*

0.22 0.27 0.29

0.32

0.25 0.26 0.23

0.20 0.19

0.24

12 11 10 09 08 07 06 05 04 03 02 0

0.1

0.2

0.3

0.4

0.5 0.45

8

High precision seismic collection system “Hailiang” passed testing

LWD system and rotation directional drilling system completed on-site tests

Electron Magnetic Resonance Logs Tools (EMRT) stepped into industrialized operation

Cement slurries system for deep-water cementing established a solid foundation

Enjoyed Preferential Tax Rate. Maintaining a High-Technology Enterprise Status

Breakthroughs in Key Research Projects. Applied More Widely in Actual Operations

海亮系统的引起了

国内外的关注

EMRT completed

the first overseas operation

9

Total number of patents

owned

Hailiang system attracted

attention domestically and

from overseas

Unit: Item

Assisting internationalization

Alleviated funding pressure

Expanded financing channels

Further enhanced debt profile

Ratings in Front Rank of Global Peers

Moody’s S&P Fitch

Schlumberger A1 (Stable) A+ (Stable) -

Halliburton A2 (Stable) A (Stable) A- (Stable)

Baker Hughes A2 (Stable) A (Stable) -

COSL A3 (Stable) A- (Stable) A (Stable)

Diamond A3 (Stable) A- (Stable) -

Ensco Baa1

(Stable) BBB+ (-ve) -

Noble Baa1(-ve) BBB+

(Stable) -

Transocean Baa3 (-ve) BBB- (-ve) BBB- (-ve)

Precision Ba1 (Stable) BB+

(Stable) -

Weatherford Baa2 (-ve) BBB (-ve) -

The US$1 Billion Bond Issue

The first US dollar denominated bond issue

by an Asian oil services company

The first bond issue by COSL in a global debt-

capital market

10-yr bonds at a coupon rate of 3.25%

Completion of the issue lowered Company’s

avg funding cost to 2.0%

1

2

3

4

10

Included as a constituent stock of FTSE China A50 Index,

SSE Corporate Governance Sector and Hang

Seng (China A) Corporate Sustainability Benchmark Index

Received “China Corporate Social

Responsibility Outstanding Enterprise Award”

Named “2012 Top 50 Best Board of Directors of Listed Companies in China”, “2012 Top 20 Best Board of Directors of State-owned Holding Listed Companies in China”, “Best Investor Relations by a Chinese Listed Company” Award in the China Securities Golden Bauhinia Awards Series

By Fortune: Most Innovative Enterprise in China 2012

11

目 录 Contents

Results Overview

Segments Review

Company Prospects

12

Revenue by segments Operating profit by segment

51%

22%

13%

14%

钻井 油田技术

船舶 物探

66%

10% 10%

14%

钻井 油田技术

船舶 物探

Drilling Well Services MS&T Geo&Surveying

9,515

11,252

3,950

4,858

2,534

2,945 2,427

3,050

18.3%

23.0%

16.2% 25.7%

2011

2012

RMB million

Drilling Well Services MS&T Geo&Surveying

3,430

3,714

449

562

518 547

586 795

8.3%

25.3% 5.6% 35.7%

RMB million

2011

2012

Drilling Well Services

MS&T Geo&Surveying

Drilling Well Services

MS&T Geo&Surveying

13

35 Drilling Rigs (27 JUs + 8 Semis), 2 Accommodation Rigs and 4 Module Rigs

Stable Utili Rate. DayRates Steady Increased. 20 in China + 15 in International

HY981 commenced operation in 1H2012

NH8 commenced operation at the end of 2012

Innovator works in North Sea for a 8-yr contract

Pioneer operated at its full capacity since Aug 2011

Confidence and Seeker added 363 operation days

4 module rigs added 392 operation days

New High-spec and Deepwater Equipment Maintain High Utili Rate of Existing Equipment

2011 2012

8,692 9,244

1,178 1,712

Operating Days

Semis Jack-up

11.0%

Note: Average Daily Income = Revenue/No. of operation days

US$’000/Day

2011 2012

Average Daily Income of Jackups and Semis

107

108

0.9%

2011 2012

261

298

14.2%

14

Electric imaging

logging instrument

sold to Canada

recorded good

performance

Completed the

first fracturing

operation for

Sinopec

ELIS70 completed

the first shale gas

logging operation

Operational Volume and Revenue Increased

Self-owned cable logging continued to increase

Self-developed electric imaging logging instrument

was exported to Canada and India

Work volume of coal bed methane further increased

Cable logging Provided in a shale gas project

Tapped Sinopec’s fracturing market

Continued to promote application of heavy oil

thermal recovery technology in offshore China

More R&D Application and Value-add Services

Expand into Unconventional Businesses

15

Owned 72 Vessels+3 Oil Tankers+5 Chemical Carriers

Self-owned vessels decreased by 4, resulted in 1,407 fewer operation days (5.7%)

Newly added HY683: 335 more operation days

Utilization rate of self-owned vessels dropped slightly to 91.7%

Charted over 30 vessels: operate 11,524 days, bringing revenue of RMB860 million

Reasonable Allocation of External Resources to Achieve Profit Growth

16

7 Seismic Vessels+7Surveying Vessels+2 OBC Teams=40 Streamers

Added Higher Efficiency & Deepwater Capacities

Maintain High Equipment Utili Rate

HY720 collected >10,000km2 of 3D seismic data

New OBC led ocean bottom cable data collection

business increase by 578 km²

HY708 added revenue for deepwater surveying

HY720 provided joint operations for clients in two

nearby areas, improving the utilization rate

HY718 etc. won contracts in SE Asia in low seasons

More 3D Data Operation

2011

2012

23,174 9,972

29,498 16,000

3D Data Collection

(km²)

3D Data Processing

(km²)

Surveying Saw Fast Growth RMB mn

2011

2012

423.6

606.8

43.2%

17

目 录 Contents

Results Overview

Segments Review

Company Prospects

18

Revenue Target

22,105

2012A 2013E

>10%

Note: The above operation plan is made on COSL’s current operating condition and market environment, it will not constitute the Company’s

profit forecast and actual promise of the Board. Whether the Company can achieve the expected results or not in 2013 will mainly depend on the

market and economic situation. Please be alerted of the risks when deciding on your investments.

In RMB million Revenue to grow no less than 10% y.o.y.

Total operation expenses (excl. Assets

Impairment) and finance cost will see

increases, operating profit margin will

remain stable

Capex at around RMB4-5 billion

19

Enhance capacity through multiple channels to

meet the increasing demand in offshore China

Strengthen tech development, industrialization

to improve deepwater service capability, expand

into unconventional resources selectively

Drilling

Well Services

Proactively expand the fleet size, improve

operation efficiency, optimize arrangement of

charted vessels to protect market share

Enhance operating efficiency to meet E&P needs

through effective integration of external

resources

Geophysical &Surveying

MS&T

20

Forecast Revenue Breakdown by Region for 2013

Europe: Norway as

the hub

ME and

North Africa:

ME as the Hub

Southeast Asia: Indonesia

as the hub

Americas: Mexico as the hub

21

One 5,000-ft deepwater

Semi-submersible

Drilling

60%

Breakdown of CAPEX

Time commissioning of equipment construction favorably

Identify suitable 2nd-Hand equipment procurement targets

Charter capacities when needed to meet market demand

Well

Services

Semi-submersible

COSL Prospector

Two 400-ft jack-ups

3,000-hp module rig

Equipment in well services

12- streamer seismic vessels

Vessels for acidification

and fracturing operations

surveying vessels

14 utility vessels

CAPEX for 2013: RMB 4-5 billion

Quick expansion in

scale and Effective

adjustments in mix

22

Geo&Surveying

MS&T

COSLInnovator

COSLPromoter

NH8

NH7

3,000-hp Module rig

COSLProspector

2 x 400-ft Jack-ups

5,000-ft semi-submersible

Oilfield Services Equipment

HY708

HY517

12-streamer seismic vessel

Integrated Surveying vessels

14 Utility Vessels MS&T

Geo &

Surveying

Well

Services

Drilling

2014 2013 2012

Expected to commence operation in 2H 2015

Expected to commence operation in 2H 2015

Yearly contract signed

Expected to gradually commence operation in 2015

Expected to commence operation in 2H 2015

Yearly contract signed

Expected to commence operation in 2017

Yearly contract signed

Expected to commence operation in mid 2015

23

Note: Depends on market condition, COSL is proactively considering to acquire second-hand drilling rigs and utility vessels.

Contract Coverage of Drilling Rigs

Client Base

20% in Tendering

Processes or

Pending Signing

Backlog for the Four Segments

2013E 2014E

Internationa

l Clients

CNOOC Pending signing

(including CNOOC)

64%

24%

12%

51%

19%

30%

80% Secured Contracts

up to 2013 and beyond

24

Participate in the low porosity and permeability technology; strengthen offshore

fracturing technologies and investments

Multiple thermal fluid technology system continues to be applied in the Bohai Bay

Output Enhancement in Matured Areas

Oilsands: provide existing technologies to Sunshine in Canada

CBM: forecast workload over 600 wells for customers

Shale gas: to provide services to CNOOC’s shale gas projects

Selective Expansion in Unconventional Areas

LWD system-SPOTE and Rotary steerable drilling system-COTAS made breakthroughs

and expected to commence onshore and offshore drilling and logging tests in 2013

Proprietary Technology Backing

25

Expand further into

International Markets Expanding Scale in

Unconventional Business

Meeting Increasing

Domestic Demand Ongoing improvements

on technologies

Output Enhancement Deepwater Business Growth

26

27