Ocean Rig to Issue Private Placement

Ocean Rig has identified a requirement for funding amounting to approximately US $70-75 million. The Board has decided to prepare for a share issue of approximately US $40 million in the form of a private placement to be subscribed for at the announced extraordinary general meeting November 21, 2001. The terms will be announced prior to or on the general meeting. The Company will seek to solve the remaining funding requirements by additional loans and sale of baredeck.

To allow for all shareholders to participate in the placement, there will be a subsequent issue directed towards shareholders not invited to subscribe in the private placement.

Dependent upon the decision of the general meeting, the subsequent issue will be directed towards shareholders registered in the shareholders' registry (VPS) as of November 27, 2001 (changed from November 28, 2001 as previously announced). This means that the shares of Ocean Rig be will traded without the right to participate in the subsequent issue from November 22, 2001 (changed from November 23 as previously announced).


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