ALY Allis-Chalmers Energy

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Allis-Chalmers Energy Inc. (“Allis-Chalmers” or the “Company”) (NYSE: ALY) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Seawell Limited (“Seawell”) (NOTC: SEAW) in a transaction with a value of approximately $890 million (including assumed debt). (http://www.rigrodskylong.com/news/Allis-ChalmersEnergyInc.-ALY).

Under the proposed agreement, Allis-Chalmers stockholders will have the right to elect $4.25 in cash or 1.15 Seawell common shares for each share of Allis-Chalmers common stock, subject to proration if more than 35% of the shares elect to receive cash. The investigation concerns whether Allis-Chalmers’ board of directors failed to adequately shop the Company and obtain the best price possible for Allis-Chalmers’ shareholders before entering into the agreement with Seawell. Indeed, according to Yahoo! Finance, at least one analyst has set a price target of $7.00 per share for Allis-Chalmers stock.

In addition, Lime Rock Partners V, L.P. (“Lime Rock”) has entered into an agreement with Seawell pursuant to which Lime Rock has, among other things, agreed that if it votes in favor of the merger, it will elect to receive Seawell common shares in respect of the Allis-Chalmers preferred and common stock that it holds. Lime Rock, which is controlled by Allis-Chalmers board members, Saad Bargach and John Reynolds, beneficially owns approximately 27.5% of Allis-Chalmers’ common stock and approximately 100% of the Company’s preferred stock. Pursuant to its agreement with Seawell, Lime Rock has agreed to vote its Allis-Chalmers shares against any alternative transaction for a period of nine months following any termination of the merger agreement. Moreover, Mr. Bargach, Lime Rock’s Managing Director, is the proposed chairman of the merged company.

If you own the common stock of Allis-Chalmers and purchased your shares before August 12, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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