Atlantis Deepwater Technology Holding AS

Atlantis Deepwater Technology Holding AS (ADTH) is an offshore technology company located in Grimstad, Norway. The company was established in August 2000 in order to commercialize a concept called Atlantis. Atlantis represents a novel method for exploration drilling and field development drilling in deep and ultra deep waters, and may contribute to considerable cost savings to the oil companies operating in the deep water areas. The Atlantis concept has been further developed since ADTH was estbblished in 2000 and so far more than NOK 150 mill. (USD 35 mill.) have been used for the development work.

The basic principle of the concept is to use an artificial buoyant seabed, the Atlantis Unit (AU) is installed at a “shallow” depth of approximately 200-400 meters below sea surface as a substitute for the real sea bed. This submerged buoy replaces the functions of the real sea bed and no equipment remains on the sea bed itself. The casing between the AU and the sea bed is used as anchoring for this “new sea bed”.

The first Atlantis Unit constructed as part of a Demo 2000 project was subject to Marine Trials in Gandsfjorden in Stavanger in April 2003, with very positive results.

In February 2007 ADTH and China Oilfield Services Ltd (COSL) formed a 50/50 owned joint venture company, Atlantis Deepwater Orient Limited (ADOL) to cover Asia Pasific Rim and Australia. COSL has also in the agreement committed them to use the system for a first well. As part of the first well project the Atlantis Unit was subject to extensive testing in July 2008 offshore southern China. The campaign for the first well is expected to take place during 4 quarter 2008, offshore south China.

The main shareholders in ADTH are (October 2008):