Atlantic Oilfield Services Receives Offer

The board of directors of Atlantic Oilfield Services Ltd has received an offer for 100% of the shares of the company. The offer is a result of a structured process in which the board has invited interested parties to bid for the company's shares, as referred to in the 4th quarter, 2006 report.

The offer remains in force until April 16, 2007 at 18.00 hours ( Oslo time) and is subject to 100% acceptance from the shareholders of Atlantic Oilfield Services Ltd. The company intends to contact each of the company's shareholders in connection with the offer. Atlantic Oilfield Services Ltd.'s financial advisors are NRP Corporate ASA and Jeffries & company Inc.

The offer price is US $1.755 per share on a fully diluted basis, or US $117 million for all shares.