Chiles Offshore Announce Signing of Agreement to Acquire Chartered Rig.

Business Editors

HOUSTON--(BUSINESS WIRE)--July 21, 2000

SEACOR SMIT Inc. (NYSE: CKH) ("SEACOR") announced today that its

58.3% owned Subsidiary, Chiles Offshore LLC, issued the following

press release:

Chiles Offshore LLC announced today that the Company has entered into an agreement to acquire the ultra-premium jackup drilling rig TONALA from Perforadora Central S.A. de C.V. 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 LLC. The Company will also assume or refinance approximately $64.6 million 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 U.S. 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 worldwide offshore oil and gas industry. For further information, please contact Dick Fagerstal, Senior Vice President & Chief Financial Officer at [phone], (713-339-3999 or visit our website at www.chilesoffshore.com.

This press release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Statements contained in this press release regarding the proposed transaction and other statements of management's beliefs, goals and expectations may be considered "forward-looking statements" and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. If the Company is unable to consummate the contemplated acquisition, its actual results may differ materially from the statements contained in this press release. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.