TODCO Promotes Three Key Executives

TODCO announced the promotion of three key executives effective January 1, 2006: Mr. T. Scott O'Keefe, formerly Sr. Vice President, & CFO has been promoted to Executive Vice President, Finance and Administration with responsibilities for Finance, Legal, and Human Resources; Mr. David Crowley, formerly Vice President, Marketing has been promoted to Sr. Vice President, Operations with responsibility for Operations, Marketing, and HS&E; Mr. Dale Wilhelm, formerly Vice President, Controller, has been promoted to Vice President & CFO.

Jan Rask, President and Chief Executive Officer, commented "This management realignment will provide us with the depth necessary to effectively execute our organic growth strategy of rig reactivations and continue to remain focused on being a low cost provider in the shallow water drilling market. I would like to thank each of these individuals for their contributions to date and look forward to their contributions in the future."

TODCO is a leading provider of contract oil and gas drilling services with the largest rig fleet in the shallow water of the U.S. Gulf of Mexico and along the U.S. Gulf Coast. TODCO's common stock is traded on the New York Stock Exchange under the symbol "THE".