Chiles Offshore acquires Mexican ultra-premium jackup drilling rig Tonala

Jul 21, 2000 02:00 AM

Chiles Offshore announced that the company has entered into an agreement to acquire the ultra-premium jackup drilling rig Tonala from Perforadora Central of Mexico City. Under the terms of the agreement, the Company will acquire the Tonala in exchange for an approximate 24 % interest in Chiles Offshore.
The company will also assume or refinance approximately $ 64.6 mm aggregate principal amount of debt incurred by Perforadora Central to construct the Tonala. The company expects to complete the merger this year; however, the merger is conditioned upon the occurrence of a number of events, including the approval of the US Maritime Administration, the consummation of transactions which transfer the Tonala to a Delaware corporation that will merge with the company, the consummation of the company's initial public offering and the receipt of customary consents and approvals.

Chiles Offshore is a provider of contract drilling services to the world-wide offshore oil and gas industry.

Source: Business Wire
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