IDE Announces CEO Cope Resigns; Named Vice Chairman of the Board

Integrated Drilling Equipment Holdings Corp. (“IDE”) (OTC:IRIG) announced today that Stephen M. Cope, 62, has resigned as chief executive officer. Mr. Cope will remain as a member of the board of directors and become vice chairman of the board. The Board has initiated a search for a new CEO which it anticipates will be completed in the near future.

James N. Mills, chairman, said, “Steve founded IDE in 1981 and under his leadership the company has grown to become an established drilling rig manufacturer. The board joins me in recognizing his many accomplishments and thanking Steve for his ongoing contributions to IDE’s growth in his new role as vice chairman.” Mills added, “We have commenced a search for a new chief executive officer to drive the company’s next phase of growth, building a diversified oilfield services manufacturing company with global reach. In the meantime, Richard Dodson, president and chief operating officer and Michael Dion, Chief Financial Officer will remain in their current roles to provide continuity.”

Regarding his departure, Mr. Cope said, “I have been discussing this with the Board for some time and, after 30 years as the CEO and now that IDE is a publicly traded company, the timing is right to turn over the day-to-day leadership to a new CEO.” He added, “The Company is well poised for continued growth as our current product offering of drilling rigs combined with our automated controls and electronic variable drive systems are proving to be ideally suited for today’s demanding horizontal drilling operations. I will continue to focus on additional sales opportunities in both land and shallow offshore platform drilling rigs as well as be an active member of the Board.”

About IDE

IDE 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 new build rigs; supplying integrated electrical systems and control systems for 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