Atlantis sells its ABS technology to China

Vol 8, PW 16 (03 Nov 04) News in Brief

Last week ONGC lost a unique chance to save its ongoing yet unsuccessful deepwater drilling campaign from further criticism.

On 29th October, Atlantis Deepwater of Norway announced it had signed a Letter of Intent with China Oilfield Services to use Atlantis Deepwater technology in Chinas upcoming deepwater exploration programme. Atlantis lobbied hard with ONGC and offered its Artificial Buoyant Seabed (ABS) drilling technology almost for free.

On 14th September, Atlantis told oil secretary Sushil Tripathi that if India does not decide soon the technology would go to the Chinese. The ABS will now be upgraded and shipped to China where it will be attached to China Oilfields medium water depth drilling rigs.

Following the successful completion of the first deepwater well, COSL will consider acquiring the unit from Atlantis or establishing a rental agreement, said Pal Norheim, Atlantis Deepwater managing director.

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