Ocean Rig Receives 97.6% Acceptance in MCB Exchange Offer

Ocean Rig refers to the Press Release dated November 3, 2004, where all holders of Mandatory Convertible Bonds (MCB's) issued in August 2002 and maturing in August 2005 (ISIN NO 001015769.6), would receive an exchange fee of 1% in return for their acceptance to convert their holdings of such bonds into ordinary shares in Ocean Rig at the agreed Conversion Price in accordance with the loan agreement.

At the expiry of the offer period, investors representing 467,863 MCB's with a nominal value of NOK 467,863,000 have accepted the offer.

Ocean Rig is now in the process of making the registration of the share capital increase at the Register of Business Enterprises. Following the registration, the outstanding amount under the Mandatory Convertible Bond Issue will be reduced from NOK 479,315,000 to NOK 11,452,000, and the number of ordinary shares outstanding in Ocean Rig ASA will increase from 67,154,718 to 80,522,213.

Through the exchange offer, Ocean Rig has succeeded in accelerating a conversion from debt to equity, and thereby strengthened its balance sheet in preparation for a refinancing of the corporate debt.

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