Chiles Offshore Inc News

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…

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 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…

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 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.

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.

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.

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.

The entry was one of eight projects submitted by students from universities around the world. The UFRJ team was honored with a cash prize of $1,500 and the opportunity to present the “Maracanã” floating production/storage and offloading unit (FPSO) to industry at the SNAME Annual Meeting in Boston on Sept. 25-28. “We created this competition to promote the challenging and exciting opportunities in the offshore industry,” said John Filson, Design Competition Coordinator. “Plus it offered the chance to increase awareness of good engineering talent as well as develop closer relationships with industry professionals and academia.” Filson says this first year was successful in terms of the participation level and quality of entries.

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.

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.

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…

The much anticipated turnaround in the Gulf of Mexico Oil Patch is happening, and the companies that supply boats and services in the area are feeling the impact. Consolidation has touched every facet of the marine business — every facet of business — for nearly a decade. Following the economic slowdown and resultant "weeding out of the weaklings" in the early 1990s, a new business plan stressing size and economic resource emerged. The plan, obviously, has not worked universally, as some companies overextended just as the market came crashing down in 1997. Today, for better or worse, a handful of enormous companies reign over the business of owning and operating vessels and rigs in the Gulf of Mexico region.

The entry was one of eight projects submitted by students from universities around the world. The UFRJ team was honored with a cash prize of $1,500 and the opportunity to present the Maracanã floating production/storage and offloading unit (FPSO) to industry at the SNAME Annual Meeting in Boston on September 25-28. "We created this competition to promote the challenging and exciting opportunities in the offshore industry," said John Filson, Design Competition Coordinator. "Plus it offered the chance to increase awareness of good engineering talent as well as develop closer relationships with industry professionals and academia." Filson says this first year was successful in terms of the participation level and quality of entries.