In a statement ADTH said, “The MOU covers all technologies required to enable COSL to use their existing shallow/medium water depth drilling rigs for deep water exploration drilling, as well as a co-operation to further develop and verify the technology for use in deep water field development in China.”

“The first objective is to define an application for the Atlantis unit for use in combination with one of COSL’s own drilling rigs. The MOU also includes scope for how the Atlantis technology can also be used for testing and early production of potential deep water finds, followed by more permanent production.

“Use of the technology also for production allows for fast track, flexible methods to develop several of the fields, thus generating production faster than any other known methods. One of the reasons for this is that by locating the subsea wellheads at 200-300 metres, smaller and less expensive floating production vessels can be used, which also are more readily available,” it added.

The Atlantis technology calls for the creation of an artificial seabed 200 to 300 metres below the waves through the use of a submerged steel tank anchored to the seabed via “an extended part of the first casing string being used in the well”. The Atlantis method means all equipment is now centralised at a shallower depth instead of installed at the deeper depths.