Ocean Rig Says Bond Conversion Now Registered

Ocean Rig refers to two Press Releases dated December 7, 2004, concerning bondholders' notice of conversion of bonds in the 3 year 7% Convertible Bond 2004/2007 (ISIN NO 001 022953.7) with a total nominal value of NOK 56.700.000 into 2.984.210 shares at NOK 19 per share. The conversion is now registered in the Share Registry. The conversion has reduced the outstanding amount under the 7% Convertible Bond from NOK 97.900.000 to NOK 41.200.000 and increased the number of ordinary shares outstanding in Ocean Rig ASA from 80.522.213 to 83.506.423.

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