PRESS RELEASE FROM ATLANTIS DEEPWATER TECHNOLOGY HOLDING AS, IN GRIMSTAD (ADTH)

Successful Full Scale Trial of the innovative Atlantis System

Atlantis Deepwater Orient Limited (ADOL) is proud to announce that a full scale trial of the innovative Atlantis Artificial Seabed System has been successfully completed on April 27th, 2009. The well location was in the South China Sea on the Chinese Continental shelf.

This trial confirms that China Oilfield Services Limited (COSL) will be able to enter into the deepwater drilling segment by utilizing its semi-submersible drilling rig together with the Atlantis Deepwater technology. However, this also opens up for the whole oil and gas industry to use new very interesting solution for their needs in deep water exploration and production.

ADOL is a Joint Venture between the Norwegian company Atlantis Deepwater Technology Holding AS (ADTH) and COSL. The successful trial had not been possible without the full support and backing of the two Joint Venture owners.

The Atlantis system was deployed and used under the COSL owned and operated semi- submersible Drilling rig, Nanhai V. The water depth at the site was more than 450 meters.
The concept of the Atlantis System, is to use a buoy (air can) positioned at a shallow depth, normally about 250 to 400 meter below sea surface, in order to create an artificial seabed where the wellhead and BOP will be located and which then will be the top of the well. The buoy is anchored to the seabed by means of casing which is connected to the wellhead located on the seabed.

Using the Atlantis Technology together with a drilling rig, creates the opportunity to drill wells in deeper water than the drilling rig otherwise is capable of doing. Consequently the use of the Atlantis System provides the industry with a cost effective and safe technology to increase the availability of drilling rigs capable of drilling in deep water.

The Atlantis Systems can also be utilized for development drilling and production units.

Further information related to the technology can be provided by

Mr. Jan Vervik, President, ADOL Tel. +86 13828750553
Mr. Arne Johansen, President, ADTH Tel. +47 951 39 819
Mr. Chen Fan, Director, Board Secretary Office of COSL Tel. +86 10 8452 1971

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