Trial of Atlantis Artificial Seabed System

Monday, May 18, 2009

Atlantis Deepwater Orient Limited (ADOL) announced that a full scale trial of the Atlantis Artificial Seabed System was successfully completed on April 27, 2009. The well location is in the South China Sea on the Chinese Continental shelf.

"The success of this trial will now set the stage for other interested parties to lease the technology from ADOL. We expect the technology will be very attractive to offshore drilling companies in markets worldwide," said Peter Georgiopoulos, Chairman of General Maritime Corporation (NYSE:GMR) , Genco Shipping and Trading, Ltd. (NYSE:GNK) , and Aegean Marine Petroleum (NYSE:ANW).

Georgiopoulos is a major investor in ADOL, and also serves as Managing Member of Drillinvest, LLC, a company that was an early investor in the joint venture responsible for the trial.

This trial confirms that China Oilfield Services Limited (COSL) will be able to enter into the deepwater drilling segment by utilizing its semi-submersible drilling rig together with the Atlantis Deepwater technology.

ADOL is a Joint Venture between the Norwegian company Atlantis Deepwater Technology Holding AS (ADTH) and COSL. The trial was possible due to the full support and backing of the two Joint Venture owners.

The concept of the Atlantis System, is focused on a buoy (air can) positioned at a shallow depth, normally about 250 to 400 meters below sea surface. An artificial seabed is created where the wellhead and "blowout preventer" (BOP) is then located and becomes the top of the well. The buoy is anchored to the seabed by means of casing which is connected to the wellhead located on the seabed.

The Atlantis system was deployed and used by COSL, who owns and operates the semi- submersible Drilling rig, Nanhai V. The water depth at the site was more than 450 meters.

"The use of the innovative Atlantis system provides the industry with a cost effective and safe technology capable of extending the drilling depths of older generation rigs currently only accessible by ultra deep water units," added Mr. Georgiopoulos.

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