Chiles Announces 4Q 2001 Results

For the quarter ended December 31, 2001, the Company reported net income of $7.6 million or $0.38 per diluted share compared to net income of $4.4 million or $0.25 per diluted share reported for the corresponding quarter ended December 31, 2000. Revenue for the quarter ended December 31, 2001, was $20.8 million compared to revenue of $16.8 million for the corresponding quarter ended December 31, 2000.

For the quarter ended December 31, 2001, the Company reported other income of $3.8 million or $0.19 per diluted share relating to economic hedges regarding the anticipated future issuance of long-term debt and short positions in natural gas futures contracts, of which $1.8 million or $0.09 per diluted share represents cash received from realized positions and $2 million or $0.10 per diluted share represents unrealized positions. Of the $3.8 million in other income, $2.8 million represents economic hedges on interest rate movements and $1 million represents short positions in natural gas futures contracts. For the corresponding quarter ended December 31, 2000, the Company reported no other income.

For the year ended December 31, 2001, the Company reported net income of $22.5 million or $1.20 per diluted share, on revenue of $74.2 million. The Company reported a net loss of $17.7 million or a $1.73 loss per diluted share on revenue of $56 million for 2000.

For the quarter ended December 31, 2001, the rig fleet operated at 100% utilization and generated an average dayrate of $71,643 as compared to 100% utilization and an average dayrate of $60,696, for the corresponding quarter ended December 31, 2000.

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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