Chiles Offshore Awarded Contract with BP

Chiles Offshore has executed a three-year contract with BP Trinidad and Tobago LLC for the use of the ultra-premium jackup drilling rig the Chiles Coronado, (formerly known as the "Tonala"). The Chiles Coronado is currently undergoing limited modifications and upgrades before leaving the Gulf of Mexico for Trinidad. The rig is currently expected to arrive in Trinidad during the month of September.

During the contract period, contract revenues are estimated to approximate $80 million, exclusive of mobilization and de-mobilization fees.

William Chiles, President and Chief Executive Officer said: "We are very pleased to have been selected by BP to be the drilling contractor for this significant exploration and development program and we are pleased to expand our operations into Trinidad which is an important market for our services. The Chiles Coronado was delivered from the yard and commenced operations in April 2000 and is an ultra-premium jackup rig of the LeTourneau Super 116 design. The Chiles Coronado incorporates new 'state-of-the-art' technologies including large mud pumping capacity, extended reach cantilever, and large drilling fluid storage capacities."

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