Chiles Offshore Closes the Purchase of the Tonala

Chiles Offshore has completed the previously announced transaction to purchase the ultra-premium jackup rig, the Tonala, owned by Perforadora Central de C.V. of Mexico.

Under the terms of the purchase agreement Chiles Offshore issued 2,679,723 shares of common stock and assumed $58.8 million of aggregate principal amount of debt incurred by Perforadora Central to construct the Tonala.

The Tonala is an ultra-premium jackup of the LeTourneau Super 116 design and it was delivered from the yard and commissioned in April 2000. Since that time, Chiles Offshore has operated the Tonala under a bareboat charter with Perforadora Central. The Tonala will be renamed the Chiles Coronado.

Following the completion of the transaction Chiles Offshore has a total of 20,262,432 shares of common stock outstanding (net of 109,000 shares held in treasury), of which affiliates and stockholders of Perforadora Central hold approximately 13.2%. The Tonala related debt is guaranteed by the U.S. Maritime Administration and bears interest at the rate of approximately 5.6% per year until its final maturity in July 2011.


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