AOS to Upgrade Atlantic Venture Semisub

Atlantic Oilfield Services' (AOS) is an independent oilfield drilling contractor operating six drilling and accommodation rigs in Denmark, Iraq, Egypt and the Middle East from offices in Dubai, Amsterdam, Esbjerg and Oslo. Earlier this year, AOS acquired the accommodation jackup rig Pride Rotterdam (renamed Atlantic Rotterdam) and semisubmersible Thule Challenge (renamed Atlantic Venture). Last week, AOS was issued a Letter of Intent by Maersk Olie og Gas AS in Denmark for the charter hire of the Atlantic Rotterdam through March 2010. The 'Venture' is a Sedco-700 design semi submersible, capable to operate in 1500 ft. of water. The unit can also be upgraded to 5,000 ft. conventionally moored or 10,000 ft. DP, as has been successfully accomplished in the past. AOS is currently in process of undertaking a significant 15-year life enhancement program of the rig in Dubai.

The rig will either be supplied with a well equipped conventional drilling package or with a state-of-the-art Huisman automated system, inclusive of a dual tower with a static hook load of 800 metric tonnes capable to handle 135 ft. stands (4x singles), automatic pipe handling, pipe set-back drums, a hydraulic passive and active heave compensation system and automated riser and BOP handling system, providing improved safety, productivity and efficiency. For both cases, AOS has put the emphasis on the supply of a virtually new semi submersible drilling rig equipped with high-tech drilling equipment and systems, whilst using the existing hull of the vessel.

AOS is aiming for a long-term, win-win relationship with a major oilfield operator while introducing new technologies and efficiencies at competitive terms as compared to prevailing market conditions.