Chiles Offshore Announces 4Q Results
For the fourth quarter ended December 31, 2000, the Chiles Offshore reported net income of $4,401,000 on revenues of $16,752,000. In the corresponding quarter ended December 31, 1999, the company reported a net loss of $2,234,000 on revenues of $5,274,000. For the 12 months ended December 31, 2000, and excluding the effect of certain one time, non-cash charges related to the September 22, 2000 initial public offering of common stock, the company reported net income of $11,559,000 on revenues of $56,006,000. In the corresponding 12 months ended December 31, 1999, the company reported a net loss of $3,963,000 on revenues of $8,596,000. On July 20, 2000 the company entered into an agreement with Perforadora Central, S.A. de C.V.
Chiles Sees Royalty Relief Program as Support for Future
Chiles Offshore LLC is the operator of three of seven existing ultra-premium jackup drilling rigs, all of which currently operate in the U.S. Gulf of Mexico. The company owns two of these rigs, the Chiles Columbus and the Chiles Magellan, and operates the third, the Tonala, under a bareboat charter. Ultra-premium jackup drilling rigs are differentiated from other jackup drilling rigs primarily by their greater water depth capabilities, an ability to extend the drilling system over larger fixed offshore platforms and more powerful mud pumps that allow them to drill wells faster and more reliably than other rigs. A fourth ultra-premium jackup rig is being built in Singapore and expected for delivery during the second quarter of 2002. On Feb.
