Chiles Offshore Wins Award
The National Ocean Industries Association (NOIA) awarded Chiles Offshore the 2002 Safety in Seas Award, recognizing their outstanding contribution to the improvement of safe operating procedures in the offshore industries. Selected by a blue ribbon panel of judges composed of representatives from the US Coast Guard, the Minerals Management Service and the National Academy of Sciences Marine Sciences Board, Chiles Offshore was recognized for their complete, rig- specific orientation, and the CrewMaster(TM) rig-based progressive training program. CrewMaster(TM) is part of Chiles Offshore's comprehensive professional development program, known as SkillMaster(TM).
Chiles Offshore Signs a Three-Year Contract With BP
Chiles Offshore has executed a three-year contract with BP Trinidad and Tobago LLC for the use of the ultra-premium jackup drilling rig the Chiles Coronado, formerly known as Tonala. The Chiles Coronado is currently undergoing limited modifications and upgrades before leaving the Gulf of Mexico for Trinidad. The rig is currently expected to arrive in Trinidad during the month of September. During the contract period, contract revenues are estimated to approximate $80 million, exclusive of mobilization and de-mobilization fees.
Chiles Offshore and ENSCO Announce Effective Date Of Registration Statement
ENSCO International Incorporated and Chiles Offshore Inc. announced that the registration statement related to the issuance of ENSCO stock in connection with ENSCO's proposed acquisition of Chiles Offshore was declared effective by the Securities and Exchange Commission on July 5, 2002. As previously announced, the Chiles Board of Directors has set July 5, 2002 as the record date for determining stockholders entitled to vote on the transaction with ENSCO, which is subject to stockholder approval at a special meeting of Chiles stockholders to be held on August 7, 2002. It is expected that the proxy statement/prospectus related to the transaction will first be mailed to Chiles stockholders on or about July 9, 2002.
Chiles IPO Shelved Indefinitely
Chiles Offshore Inc. postponed indefinitely its initial public stock offering because of market conditions, lead underwriters Credit Suisse First Boston said. The Houston-based company expected to price 8 million shares between $17-$19 per share. Chiles Offshore was the second company to postpone its IPO on Monday because of uncertainty in the market, joining Taiwan-based Digital United Holdings Ltd.
Chiles Offshore Signs Contracts With Shell
Chiles Offshore has executed two firm nine-month contract extensions with Shell Exploration & Production Company for the use of the ultra-premium jackup drilling rigs the Chiles Magellan and the Chiles Columbus in the U.S. Gulf of Mexico. The Chiles Magellan has worked for Shell since May 2000 on a well-to-well basis and will start its nine-month contract period at the beginning of August 2001. The Chiles Columbus recently began working for Shell and will start its nine-month contract period at the beginning of September 2001. "We are pleased to extend our excellent working relationship with Shell, which began over one year ago with the Chiles Magellan and now also includes the Chiles Columbus.
Pinkard Joins Chiles Offshore
Chiles Offshore reports that Chris Pinkard has joined the company as Vice President of Marketing & Sales replacing William Plamondon who is retiring within the next several months. Pinkard previously worked for R&B Falcon in the same capacity. In other company news, Bruce Brumley has been promoted to Vice President - Operations and Gabriel Padilla has been promoted to Vice President - Engineering & Construction.
Chiles Offshore LLC Completes Finance Moves To Free Up Cash
Chiles Offshore has raised $15 million through the sale of equity interests to its current equity holders. The proceeds were used by the company to repurchase and retire $15 million aggregate principal amount of its 10% Senior Notes due 2008, resulting in $95 million of Senior Notes remaining outstanding after the repurchase. Following such repurchase, the banks party to the company's existing $25 million credit facility increased the available credit under such facility to $40 million and extended the final maturity for such facility from December 31, 2004 to December 31, 2006. Chiles Offshore owns and operates two new LeTourneau Enhanced and Super 116 class cantilevered drilling units designed to operate in up to 375 ft.
Chiles Offshore and ENSCO Complete Hart-Scott-Rodino Anitrust Review
ENSCO International Incorporated and Chiles Offshore Inc. announced that the Federal Trade Commission and United States Department of Justice granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for ENSCO's acquisition of Chiles. The termination of this waiting period satisfies a regulatory condition required for the previously announced acquisition. Chiles also announced that its Board of Directors has set July 5, 2002 as the record date for determining stockholders entitled to vote on the transaction with ENSCO, which is subject to stockholder approval at a special meeting of Chiles stockholders to be held on August 7, 2002.
Chiles Offshore Enters Into Arrangement
Chiles Offshore LLC has begun a bareboat charter arrangement with Perforadora Central of Mexico City, who is the owner of the Mobile Offshore Drilling Unit, Tonala. Designed by LeTourneau, Tonala is a super 116-C cantilever jackup able to work in up to 350 ft. of water, built for Perforadora by TDI Halter Marine. Completed this past January, Tonala is expected to enter service in mid-March 2000, where it will commence a contract with CNG Producing Company to drill two wells in the U.S. Gulf of Mexico over the course of 60 days.
COD Signs Deal With BP Trinidad
Chiles Offshore Inc. (COD) has executed a three-year contract with BP Trinidad and Tobago LLC for the use of the ultra-premium jackup drilling rig the Chiles Coronado, (formerly known as the "Tonala"). The Chiles Coronado is currently undergoing limited modifications and upgrades before leaving the Gulf of Mexico for Trinidad. The rig is currently expected to arrive in Trinidad during the month of September. During the contract period, contract revenues are estimated to approximate $80 million, exclusive of mobilization and de-mobilization fees. William Chiles, President and Chief Executive Officer said "We are very pleased to have been…
ENSCO and Chiles Offshore Announce Agreement to Merge
ENSCO International Incorporated and Chiles Offshore Inc. announced that they have signed a definitive merger agreement by which ENSCO will acquire Chiles. The Boards of both companies have approved the transaction. Under the terms of the merger agreement, Chiles' stockholders will receive 0.6575 shares of ENSCO common stock, plus cash of $5.25, for each share of Chiles' common stock. Total value of the transaction is approximately $578 million based on ENSCO's closing price as of May 14, 2002. After giving effect to the transaction and including the Chiles' rig currently under construction, the combined company will have a fleet of 56 offshore drilling rigs, in addition to ENSCO's fleet of 28 Gulf of Mexico oilfield support vessels.
Chiles Offshore Signs Notice of Award for Rig Under Construction
Chiles Offshore Inc. today announced that it has executed a Notice of Award for a long-term contract by an affiliate of Phillips Petroleum for its ultra-premium jackup drilling rig the Chiles Discovery, currently under construction at the Keppel FELS Shipyard in Singapore. the end of June 2002 in Phillips' Bayu Undan Gas Recycle Project, located in Area A of the Timor Gap Zone of Cooperation between Australia and East Timor. The contract is expected to last for a minimum of 600 days (15 wells). Phillips will have options to extend the contract for up to an additional five wells (estimated up to 200 days). Assuming work is performed under the contract for 600 days, contract revenues will approximate $60 million, exclusive of mobilization and de-mobilization fees.
Chiles Offshore Announces 4Q Results
For the quarter ended December 31, 2001, the Chiles Offshore reported net income of $7.6 million compared to net income of $4.4 million reported for the corresponding quarter ended December 31, 2000. Revenue for the quarter ended December 31, 2001, was $20.8 million compared to revenue of $16.8 million for the corresponding quarter ended December 31, 2000. For the fourth quarter they reported other income of $3.8 million relating to economic hedges regarding the anticipated future issuance of long-term debt and short positions in natural gas futures contracts, of which $1.8 million represents cash received from realized positions and $2 million or $0.10 per diluted share represents unrealized positions.
Seacor Smit Drilling Unit Chiles Offshore Files IPO
Chiles Offshore LLC, the 55-percent owned unit of offshore oil exploration company Seacor Smit Inc., has filed for an initial public offering of 8 million common shares in a range of $17-$19 each. Chiles owns and operates ultra-premium jack-up drilling rigs -- mobile offshore drilling platforms with legs that lower to the ocean floor to support the platform while drilling. Ultra-premium rigs differ from other drilling rigs because of their greater depth capabilities and more powerful mud pumps that speed up well drilling. According to papers filed with the Securities and Exchange Commission, the Houston-based firm has applied for an American Stock Exchange listing. A ticker symbol will be disclosed later.
Chiles Offshore Reports 1Q Results
Chiles Offshore Inc. income of $4.1 million or $0.20 per diluted share after an extraordinary loss of $0.02 per diluted share, compared to net income of $5.3 million or $0.30 per diluted share reported for the corresponding quarter ended March 31, 2001. revenue of $19.2 million for the corresponding quarter ended March 31, 2001. The extraordinary loss incurred in the quarter ended March 31, 2002, resulted from the Company's decision to cancel an $82 million credit facility established to partially finance the construction of the Chiles Discovery. The Company never drew on the facility. For the quarter ended March 31, 2002, the rig fleet operated at 100% utilization and generated an average dayrate of $69…
Seacor Smit Reports Securities Repurchase Increase
Seacor Smit noted that its Board of Directors had raised its previously announced securities repurchase program by $55 million - resulting in an approximate increase of $73.5 million available to the Company for such purposes. The securities covered by the repurchase program include the Company's common stock, its 5 3/8 percent convertible subordinated notes due 2006, its 7.2 percent senior notes due 2009 and the 10 percent senior notes due 2008 of its affiliate Chiles Offshore LLC. The repurchase of securities would be conducted from time to time through open market purchases, privately negotiated transactions or otherwise, depending on market conditions.
Keppel FELS clinches $110M rig order
Keppel FELS Limited (KFELS), the offshore arm of Keppel FELS Energy & Infrastructure Ltd. (Keppel FELS), has signed a contract with Chiles Offshore LLC (Chiles) to build a $110 million jack-up rig of KFELS MOD V "B" design, cantilevered jack-up rig. Work is expected to start immediately, with delivery scheduled for around the second quarter of 2002. This rig is one of KFELS' ultra-premium proprietary jack-up designs which has been modified in this case for non-harsh environment usage. It is designed to be able to exceed the operating capabilities of conventional non-harsh environment jack-up rigs and will be built to a leg length of 475 ft., with an option to extend this to 545 ft. "Our goal is to augment our position in the ultra-premium, deep-water jack-up market niche.
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.
Keppel FELS Delivers Rig
Keppel FELS Limited, the world leader in the construction of jackup rigs, has successfully designed and built its first KFELS MOD V “B” class ultra premium jackup drilling unit. Built for Chiles Offshore Inc. (AMEX: "COD") (CHILES), Chiles Discovery is the benchmark for a new generation of ultra premium deep-well drilling rigs. Keppel FELS received an early delivery bonus for Chiles Discovery, a testament of its excellent project management and executing capabilities. The company was also awarded bonuses for good safety performance, as well as delivering a rig that exceeds its original design parameters. The Chiles Discovery showcases…
AMFELS Lays Keel Ahead of Schedule
AMFELS Inc, the US wholly-owned subsidiary of Singapore’s Keppel Corporation Limited through Keppel Offshore & Marine Ltd, has laid the keel for new jack-up rig, Tonala, one month ahead of schedule. The $83 million contract for the rig was signed in April 2002 with Mexican company, Perforadora Central SA de CV. Tonala is a KFELS MOD V “B” class jack-up, enhanced with Keppel’s proprietary jacking and fixation systems developed by its research and technology arm, Offshore Technology Development. At the keel laying ceremony, Mr Ricardo Cortina Cardenas, Vice President for Marine Drilling Division of Perforadora Central said, “We are very pleased with the progress of the construction of Tonala, which is ahead of schedule.
Chiles Offshore Announces 2Q Results
For the quarter ended June 30, 2001, Chiles Offshore Inc. reported net income of $5.0 million or $0.28 per basic share compared to net income of $3.3 million, or $0.42 per basic share, reported for the corresponding quarter ended June 30, 2000. Revenue for the quarter ended June 30, 2001, was $19.6 million compared to revenue of $14.5 million for the corresponding quarter ended June 30, 2000. For the six-month period ended June 30, 2001, the Company reported net income of $10.3 million or $0.59 per basic share, on revenue of $38.2 million. Net income for the comparable period in 2000 was $3.1 million or $0.45 per basic share on revenue of $23.0 million.
AMFELS Wins $83M Deal
Keppel Corp.'s AMFELS Inc unit in Brownsville, Texas, won a $83 million contract to build a new jack-up rig for Mexican company Perforadora Central S.A. de C.V. Due for delivery in the first quarter of 2004, this rig is the fourth MOD V "B" class ordered in two years. The first "B" class, Chiles Discovery has just been delivered in Singapore. Its sister rig Chiles Galileo, being built in AMFELS for the same owner Chiles Offshore Inc is due in September 2002. The third vessel, Atwood Beacon, is currently under construction in Singapore for Atwood Oceanics Pacific Limited and is expected to be delivered in June 2003. "This new generation rig looks set to become the rig of choice to replace the aging jack-up rigs that have been built in the 70/80s when they retire.
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.