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    Chiles signs long-term contract for rig

    Vessel & ROV News // June 1, 2001
    Chiles Offshore has announced that it has executed a Notice of Award for a long-term contract by an affiliate of Phillips Petroleum for its ultra-premium jack-up drilling rig Chiles Discovery, currently under construction at the Keppel FELS Shipyard in Singapore.

    The Chiles Discovery is expected to be delivered from the yard during the second quarter of 2002, and is scheduled to commence work prior to the end of June 2002 in Phillips' Bayu Undan Gas Recycle Project, located in Area A of the Timor Gap Zone of Co-operation 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 additionalfive wells (estimated up to 200 days). Assuming work is performed under thecontract for 600 days, contract revenues will approximate $60 million, excluding mobilisation and de-mobilisation fees.

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