Chiles Offshore Third Quarter Results

Chiles Offshore Inc. for the quarter ended September 30, 2001, the Company reported net income of $4.6 million or $0.24 per basic share compared to a net loss of $25.2 million, or a $2.69 loss per basic share, reported for the corresponding quarter ended September 30, 2000. Revenue for the quarter ended September 30, 2001, was $15.1 million compared to revenue of $16.0 million for the corresponding quarter ended September 30, 2000.

For the nine-month period ended September 30, 2001, the Company reported net income of $14.9 million or $0.82 per basic share, on revenue of $53.3 million. The Company reported a net loss of $22.1 million or a $2.85 loss per basic share on revenue of $38.7 million for the comparable period in 2000.

For the quarter ended September 30, 2001, the rig fleet operated at 100% utilization and generated an average dayrate of $74,762, as compared to 100% utilization and an average dayrate of $58,754, for the corresponding quarter ended September 30, 2000.

In July 2001, the Company issued 2,679,723 shares of common stock and assumed debt of approximately $57.9 million guaranteed by the U.S. Maritime Administration in exchange for all of the equity of an entity that owned the ultra-premium jackup rig the "Tonala" from Perforadora Central, S.A. de C.V. ("Perforadora"), a Mexican company. The Company operated the rig under a bareboat charter since the completion of construction of the rig in April 2000. Subsequent to the acquisition of the rig, the Company renamed the rig the "Chiles Coronado". In July 2001, the Company entered into a drilling contract with BP Trinidad & Tobago LLC for a three-year term for the use of the "Chiles Coronado". After making improvements to the rig, the rig was mobilized to, and began operations in Trinidad in September 2001. In July 2001, the Company extended the drilling contracts with Shell Offshore Inc. for the "Chiles Columbus" and the "Chiles Magellan" to continue work in the U.S. Gulf of Mexico under term contracts through mid second quarter of 2002.

The two rigs currently under construction, the "Chiles Discovery", at the Keppel FELS shipyard in Singapore, and the "Chiles Galileo", at the AMFELS shipyard in Brownsville, Texas, are presently "on schedule" for delivery and commissioning during the second and third quarters of 2002, respectively. As previously announced, the Company has entered into a drilling contract with an affiliate of Phillips Petroleum for a minimum expected contract period of 600 days for the use of the "Chiles Discovery" in the Timor Gap Zone of Cooperation between Australia and East Timor.

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