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Tuesday, October 3, 2000

Chiles orders ultra-premium jack-up
Chiles Offshore Inc., Houston, yesterday announced that it has placed an order to build an ultra-premium jackup rig of the KFELS Mod V ``B'' design at AMFELS shipyard, Brownsville, Texas.

The new rig is currently estimated to cost approximately $110 million to complete, exclusive of interest and other capitalized costs, and will be financed through equity raised in the company's recent IPO and through debt financing raised under a Title XI guarantee. Chiles has received a commitment letter from Marad, which allows up to $81 million of construction and term financing for the new rig. Additionally, the commitment letter allows the Company to raise an additional $83 million in debt financing, should the company exercise its option to order a second ultra-premium jackup rig from AMFELS within twelve months.

CEO William Chilessaid that the rig will be a sister rig to the ultra-premium jackup rig under construction for the company in Singapore at Keppel FELS Limited

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