Ocean Rig Increases Capital

Ocean Rig refers to Press Release dated November 19, 2004, concerning the 97.6% acceptance in the exchange offer to all the remaining holders of Mandatory Convertible Bonds. The conversion is now registered in the Register of Business Enterprises in Brønnøysund. The conversion has reduced the outstanding amount under the Mandatory Convertible Bond Issue from NOK 479,315,000 to NOK 11,452,000, and increased the number of ordinary shares outstanding in Ocean Rig ASA from 67,154,718 to 80,522,213.

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