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IDE To Build Four New State Of The Art 3000HP AC Modular Platform Rigs For PEMEX

HOUSTON, April 1, 2013 /PRNewswire/ -- Empeiria Acquisition Corp. (OTC BB: EPAQ; EPAQW; EPAQU) ("EAC" or the "Company") and its wholly owned subsidiary, Integrated Drilling Equipment Company Holdings, LLC ("IDE") today announced it has been awarded contracts by PEMEX Exploration and Production to deliver four state of the art modular offshore platform rig packages with an aggregate contract value in excess of US$350 million

Delivery of the first unit is scheduled in the third quarter 2014, with the additional units to be delivered by December 2014.  The specifications were developed through close collaboration of the IDE and PEMEX teams.  Deployment of the drilling packages will be key steps toward the development of the Tekel, Ayastil, Xux and Tsimin fields in the Bay of Campeche.

Steve Cope, CEO of IDE said; "We are extremely excited about the award of these contracts. We appreciate all of the hard work, cooperation and effort that PEMEX and their management and technical teams extended to IDE during the negotiations of these contracts. IDE looks forward to using these contracts as a platform for future growth of our products and services to PEMEX and other Drilling Contractors serving the land and offshore drilling market in Mexico."

About IDEIDE and its predecessor companies have been active in providing services and products to the drilling industry since 1981. IDE's principal service and product offerings consist of the construction of new land rigs based on IDE designs or customized to customers' specifications; providing extensive reconfiguration and refurbishment services for land rigs to repair and extend their life or to adapt them for different drilling environments; providing offshore rig upgrade packages, refurbishment services, and related components for offshore newbuild rigs; supplying integrated electrical systems and control systems for a wide range of land and offshore drilling rigs; and providing engineered hydraulic rig solutions. For more information on IDE, please visit: http://www.ide-rig.com/.

About EACEAC was formed on January 24, 2011 for the purpose of acquiring one or more operating business or assets through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, exchangeable share transaction or other similar business transaction (an "initial business transaction").  The merger with IDE on December 14, 2012 constituted EAC's initial business transaction.

SOURCE Integrated Drilling Equipment Company Holdings, LLC

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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