Chiles Offshore has entered into an agreement to acquire the jackup rig Tonala from Perforadora Central S.A. de C.V. of Mexico City. Under the terms of the agreement, Chiles Offshore will acquire the Tonala in exchange for approximately 24 percent interest in Chiles Offshore LLC. The Company will also assume or refinance approximately $64.6 million aggregate principal amount of debt incurred by Perforadora Central to build the rig. The merger is expected to be complete this year; however, the merger is conditioned upon the occurrence of a number of events, including the approval of the U.S. Maritime Administration, the consummation of transactions which transfer the rig to a Delaware corporation that will merge with the Company, the consummation of the Company's initial public offering and the receipt of customary consents and approvals.

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