Empeiria Acquisition Corp. and Integrated Drilling Equipment Company Holdings Inc. announced that IDE has been selected by a international oil and gas exploration and production company as the preferred supplier for providing four new modular-design offshore platform drilling rigs. The anticipated total contract value is in the range of $350 to $400 million.

IDE's technical specifications and approximate bid value have been accepted by the potential customer. IDE is currently undergoing exclusive negotiations towards signing a definitive contract, which it expects to be completed in January 2013. IDE expects that the drilling rigs and related equipment will be constructed during 2013 and 2014 for delivery and installation during the second half of 2014.

The order is subject to the negotiation and execution of a definitive contract as well as various conditions to be documented therein. EAC previously announced its execution of a merger agreement with IDE.