The Briscoe Law Firm, PLLC and Powers Taylor, LLP Announce the Investigation of Possible Breaches of Fiduciary Duties Concerning the Acquisition of Allis-Chalmers Energy, Inc.

The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Allis-Chalmers Energy, Inc. (“ALY” or “Company”) (NYSE: ALY) related to the proposed acquisition of ALY by the Seawell Ltd.

The agreement involves a cash transaction valued at approximately $890 million, under which the Company shareholders will receive $4.25 in cash or 1.15 Seawell shares for each share of ALY common stock they hold. The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of ALY for approving this transaction, whether the consideration to be received by ALY shareholders is fair, and whether ALY’s board of Directors acted in the shareholders’ best interests.

If you currently own shares of ALY and would like additional information regarding this investigation, or if you have information regarding the allegations involving this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.