Eirik Raude Delivery Rescheduled

Ocean Rig's second rig, Eirik Raude, is currently being completed at the Halifax Shipyard (Irving Shipbuilding, Inc.) in Nova Scotia. As previously disclosed, the yard and Ocean Rig have since the rig arrived in Halifax been working to establish an updated delivery schedule for this unit. Based on an extensive project review including experiences from our first rig, Leiv Eiriksson, the Halifax Shipyard and Ocean Rig developed a detailed project plan which estimates that Eirik Raude will be mechanically complete, and leaving the yard for sea trials, at the end of the first quarter of next year. Commencement of operations is estimated to take place during the second quarter 2002.

As reported earlier, the brokerage house Pareto Securities ASA has been retained to act as financial advisor for Ocean Rig. Various financing solutions are currently under consideration.


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