COSL and Atlantis Deepwater Technology Set Up JV

China Oilfield Services Limited and Atlantis Deepwater Technology Holding AS have set up a joint venture company - Atlantis Deepwater Orient Limited ("ADOL"). COSL and ADTH will have 50% stake of ADOL respectively.

"Atlantis" is a new concept for deepwater drilling. It allows the 3rd generation of semisubmersible to operate in deepwater areas after fine-tuning and upgrading. This concept is the third deepwater drilling methods after the introduction of below-water BOP and above-water BOP. It is a well known concept in the world with 39 patents applied internationally. At present, the upgrade of deepwater drilling equipment, preparations and functional testing in the sea are in good progress.

Mr. Yuan Guangyu, CEO and President of COSL said," The industry development and the demands from clients are why COSL is working hard on exploring in deepwater drilling techniques. The establishment of joint venture with ADTH is one of the important steps to explore advanced deepwater oil drilling techniques. The successful exploration of the "Atlantis" concept will greatly enhance COSL deepwater drilling capability to about 1,500 meters."

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