NEW CEO NAMED
October 31, 2008

Blake Offshore today announced that the Board of Directors has appointed Paul Butler as president and CEO of Blake Offshore effective November 1, 2008.

Mr. Butler served as the Company’s chief operating officer and executive vice president since joining Blake Offshore in January 2007 and has over 30 years of experience in the offshore drilling rig and marine contracting industries. Prior to joining the Company, Mr. Butler was the president of Houma Industries from 2000 to 2007. Prior to joining Houma Industries, Mr. Butler served as division CEO (president) of Pool Energy Services Inc’s Pool Offshore Division, which operated a combined fleet of 22 offshore jack-up and platform rigs. He has considerable domestic and international rig design, rig construction and operating experience, the majority of which is in the US Gulf of Mexico, Southeast Asia and the Middle East. Mr. Butler holds a BS degree in Marine Engineering/Naval Architecture from Mississippi State University and an MBA from Tulane University.

Mr. Butler commented, “I am excited about my new role at Blake Offshore. I believe my prior management experience with both Houma Industries, Pool Energy Services and as chief operating officer of Blake Offshore will greatly benefit the company as we continue to pursue our strategies for continued growth. I am honored to be selected to lead Blake Offshore’s talented and experienced team.”

Roy Oliver, an independent director of Blake Offshore commented, “We are delighted to have Paul Butler assume the role of president and CEO of Blake Offshore. His global operations experience and his reputation in the offshore rig industry make him the ideal person to lead Blake Offshore.”

Based in New Orleans, Louisiana, Blake Offshore is a privately held offshore drilling contractor that owns and operates a fleet of five offshore units primarily servicing the Gulf of Mexico oil and gas industry. The company’s fleet consists of four jack-up drilling rigs and one mobile offshore production unit.

PRESS RELEASE
April 14, 2008

Blake Offshore, LLC of Metairie , Louisiana is announcing that it has recently entered into a contract with Pacific Energy Alaska Operating, LLC (a subsidiary of Pacific Energy Resources, Ltd. of Long Beach , California , www.pacenergy.com). The contract term is for a three (3) year initial term to utilize the Blake Rig 151 for drilling in the Cook Inlet off the coast of Alaska . The contract is valued at $156 million. Mobilization is tentatively scheduled for December 2008, subject to transport availability.

Mike Blake , President & Managing Partner commented that; “The new relationship with Pacific Energy represents Blake's commitment to continued customer and market expansion both domestically and abroad. While the first quarter has been unusually slow the Company has been quite successful in obtaining a very respectful backlog of work for its remaining fleet that will begin materializing shortly. Our performance is expected to improve substantially during the remaining quarters of 2008 as domestic utility and rates improve and certain international prospects materialize. We are also expecting favorable results from our new Jackup Workover Rig 208 which is scheduled for delivery early in June. The Rig 208 will be the only workover rig capable of operating in 250 feet of water and will be equipped with a 45 foot cantilever capability with a 1,000 horsepower workover package. Rig 208 is being classed to full MODU classification which will allow it to perform workover work outside cased hole and sidetracking operations”.

According to Paul Butler, Chief Operating Officer & Executive Vice President, “The consummation of this contract greatly enhances our reputation and standing as the only remaining privately owned offshore rig contractor in the United States and demonstrates Pacific Energy's faith in our ability to perform”.

Blake Offshore is a privately held offshore drilling contractor that operates a fleet of offshore jackup drilling and self-propelled jackup workover rigs. It also operates two jackup Mobile Offshore Production Units (MOPUs) in the Gulf of Mexico .

NEW DEVELOPMENTS

Blake Offshore, LLC Closes US $160 Million Senior Secured Credit Facilities

Blake's debt financing has been successfully placed with institutional investors. The financing includes a five year US $10 million Revolving Credit Facility; a seven year US $125 million Term Loan B Facility; and a seven year US $25 million Delayed Draw Term Loan Facility.

“With the completion of this financing, Blake has put in place a long capital structure with the ability to fund any growth opportunities that may come along,” according to Mike Blake, President and Chief Executive Officer.

After closing the transaction, Blake realized net proceeds from the Term Loan B Facility of approximately US $12.5 million after repayment of Blake's existing debt and deduction for expenses. Blake has access to a US $10 million Revolving Credit Facility, of which US $0 is drawn, and the US $25 million Delayed Draw Term Loan Facility. The Credit Facilities were unrated.

UBS Securities, LLC acted as Lead Arranger and Sole Bookrunner with Barclays Capital acting as Syndication Agent. The syndicate also included Golden Tree Asset Management and Whitney National Bank.