China Oilfield Services : COSL certified for its high and new technology enterprise status renewal

China Oilfield Services Ltd ("COSL" or the "Company") recently received a "High and New Technology Enterprise Certificate" jointly issued by four ministries and commissions of Tianjin, China.

The Company has been enjoying the 15% preferential tax rate for high and new enterprises since 2002. In accordance with the relevant requirements for certification of high and new technology enterprise eligibility stipulated in 2008, the certification is required to be confirmed or re-audited every three years. The Company passed the re-auditing in 2011 and was required to go through the confirmation process again in 2014. Upon submission of relevant materials, preliminary auditing, examination and confirmation, on-line announcement, filing with the Ministry of Science and Technology and other stringent procedures, the Company's application was approved by the Ministry. The Company will continue to enjoy the preferential income tax rate of 15% for another three years.

The successful renewal represents the endorsement by the country of the Company's science and technology development. This will be vital to promoting the Company's technological advancements, regulating technology management, and contributing to upgrading of the Company's overall corporate image.