Blake Offshore Wins Cook Inlet Drilling Contract

Blake Offshore has recently entered into a contract with Pacific Energy Alaska Operating, LLC, a subsidiary of Pacific Energy Resources, Ltd. The contract term is for a three-year initial term to utilize the Blake Rig 151 for drilling in the Cook Inlet off the coast of Alaska. The contract is valued at $156 million. Mobilization is tentatively scheduled for December 2008, subject to transport availability.

Mike Blake, President & Managing Partner commented that, "The new relationship with Pacific Energy represents Blake's commitment to continued customer and market expansion both domestically and abroad. While the first quarter has been unusually slow, the Company has been quite successful in obtaining a very respectful backlog of work for its remaining fleet that will begin materializing shortly. Our performance is expected to improve substantially during the remaining quarters of 2008 as domestic utility and rates improve and certain international prospects materialize.

"We are also expecting favorable results from our new Jackup Workover Rig 208 which is scheduled for delivery early in June. The Rig 208 will be the only workover rig capable of operating in 250 feet of water and will be equipped with a 45 foot cantilever capability with a 1,000 horsepower workover package. Rig 208 is being classed to full MODU classification which will allow it to perform workover work outside cased hole and sidetracking operations."

According to Paul Butler, Chief Operating Officer & Executive Vice President, "The consummation of this contract greatly enhances our reputation and standing as the only remaining privately owned offshore rig contractor in the United States and demonstrates Pacific Energy's faith in our ability to perform".

Blake Offshore is a privately held offshore drilling contractor that operates a fleet of offshore jackup drilling and self-propelled jackup workover rigs. It also operates two jackup Mobile Offshore Production Units (MOPUs) in the Gulf of Mexico.

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