Ocean Rig Pens Norwegian Gig for Semisub

Ocean Rig UDW Inc. has signed a new drilling contract for its drilling rig Leiv Eiriksson (UDW semisub) with a consortium coordinated by Rig Management Norway for drilling on the Norwegian Continental Shelf. The maximum total revenue backlog is estimated at $653 million for a minimum period of 1070 days. The new contract is a well-based contract for 15 wells and will commence in the fourth quarter of 2012 or the first quarter of 2013.The contract includes three options of 6 wells each that have to be exercised well in advance of the expiry of the firm period.

George Economou, Chairman and Chief Executive Officer of Ocean Rig UDW Inc. commented, "We are pleased to announce this long-term contract with a strong consortium for work on the Norwegian Continental Shelf, taking advantage of the Leiv Eiriksson's harsh weather capabilities. This contract substantially enhances our backlog and is evidence of the strengthening market for high specification ultra deepwater rigs. We have two further high specification ultra deepwater capable units open in 2012, the Eirik Raude (UDW semisub) and Ocean Rig Olympia (UDW semisub), and we are focused on securing long-term contracts for them."

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