Chiles Offshore announces securities repurchase programme

Company News - October 20, 2000

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Chiles Offshore has announced that its Board of Directors has authorisedthe Management of the company to repurchase up to $25.0 million of theCompany's common stock.

Chiles Offshore is a provider of contract drilling services to theworldwide offshore oil and gas industry. The Company currently operates afleet of three jack-up rigs in the Gulf of Mexico, all of which have been delivered since June 1999.

The Company is presently building its fourth and fifth jack-up rigs in Singapore and Brownsville, Texas, respectively. The rigs are due to be delivered in the 2nd and 3rd quarters of 2002.

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