Grey Wolf Hires William E. Chiles as Executive V. P. and COO

Grey Wolf, Inc. has named William E. Chiles as its new Executive Vice President and Chief Operating Officer. Mr. Chiles will begin his employment with the Company on March 31, 2003. Mr. Chiles comes from ENSCO International Incorporated where he has served as Vice President of Business Development since the merger of Chiles Offshore Inc. into an ENSCO International affiliate on August 7, 2002.

Mr. Chiles has over twenty-five years of management experience in contract drilling operations. Prior to his position with ENSCO International, Mr. Chiles was President and CEO of Chiles Offshore Inc. from August 1997 until its merger into an ENSCO International affiliate in August 2002. In March 1997, Mr. Chiles led the formation of Chiles Offshore's predecessor. From May 1996 until March 1997, Mr. Chiles served as Senior Vice President- Drilling Operations of Cliffs Drilling Company, responsible for the operation of its worldwide fleet. From 1992 to May 1996, Mr. Chiles served as President and Chief Executive Officer of Southwestern Offshore Corporation, a company he founded in 1992 which was acquired by Cliffs Drilling Company in 1996. Mr. Chiles co-founded Chiles Offshore Corporation in 1987 and in 1977 he co-founded Chiles Drilling Company, each of which was an offshore contract drilling company.

Grey Wolf also announced that it has promoted David W. Wehlmann to Executive Vice President. Mr. Wehlmann has served as Senior Vice President and Chief Financial Officer and Secretary of the Company since February 1998. Mr. Wehlmann will retain the titles of Chief Financial Officer and Secretary. Prior to February 1998 Mr. Wehlmann served as Vice President and Controller from the time he joined the Company in July 1996.

Tom Richards, Chairman, President and Chief Executive Officer said, "The addition of Bill Chiles will greatly enhance the Company's already strong management team. Mr. Chiles' experience in management and operations in the contract drilling business is particularly well suited to Grey Wolf and its business. We are also pleased to recognize Mr. Wehlmann's efforts and dedication to Grey Wolf with his promotion from Senior Vice President to Executive Vice President."