China Oilfield Services Limited (stock code: 02883.HK) announced that its wholly owned subsidiary, COSL Singapore Capital Ltd., has signed a subscription agreement on 9 March 2026 to issue CNY5.00 billion 1.95% guaranteed notes maturing on 16 March 2029. The parent company will provide an unconditional and irrevocable guarantee for the notes.

The notes will be offered at par and pay interest semi-annually on 16 March and 16 September, beginning 16 September 2026. They rank as direct, unsecured and unsubordinated obligations of the issuer and the guarantor, pari passu with their other unsecured debt.

Proceeds are earmarked primarily for refinancing existing indebtedness and for general corporate purposes, in line with PRC regulations.

Key redemption features include issuer make-whole calls before 16 February 2029, par calls thereafter, plus investor put options at 101% upon a change-of-control event and at par if SAFE registration requirements are not met by the specified deadline.

Moody’s and Fitch are expected to assign initial ratings of “A3” and “A-,” respectively. Application has been submitted to list the notes on the Hong Kong Stock Exchange under its professional-investor-only regime (Chapter 37).

BOCI Asia, CLSA Singapore and J.P. Morgan Securities Asia act as joint global coordinators, joint lead managers and joint bookrunners. They are joined by 12 additional bookrunners, including ABCI Capital, Agricultural Bank of China (Hong Kong Branch), Bank of China (Hong Kong), Bank of Communications (Hong Kong Branch), China Construction Bank (Asia), China Industrial Securities International, CICC Hong Kong Securities, China Securities (International) Corporate Finance, Citigroup Global Markets, CMB International Capital, CMB Wing Lung Bank and Goldman Sachs (Asia).

Settlement is scheduled for 16 March 2026, with final redemption on the nearest interest-payment date to 16 March 2029 if not earlier redeemed or repurchased.