COSL Successfully Deploys Atlantis System in South China Sea

China Oilfield Services Limited ("COSL"), the leading integrated oilfield services provider in the offshore China market, announced that a full scale trial of its "Atlantis" Artificial Seabed System (the "Atlantis System") had been successfully completed on April 27, 2009 on the Chinese Continental Shelf, in the South China Sea.

The Atlantis System is a patented technology owned by Atlantis Deepwater Orient Limited ("ADOL"), a joint venture between COSL and the Norwegian company Atlantis Deepwater Technology Holding AS. The Atlantis System was deployed under the semisubmersible drilling rig, Nanhai V, owned and operated by COSL. The successful completion of this trial confirms that COSL is in possession of the technical capability to perform deep water drilling, using its semisubmersible drilling rigs that deploy the Atlantis deepwater technology.

The concept of the Atlantis System is to use a buoy positioned at a depth of about 250-400 meters below surface where the wellhead and blowout preventer will be located. The buoy is anchored to the seabed by means of a tieback casing which is connected to the wellhead located on the seabed. The system is then used with semisubmersible drilling rigs, allowing the semisubmersibles to operate in deeper waters. This technology has proven to be safe and cost effective and can be used in development drilling and production units.

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