Ocean Rig Says Investors Convert More Bonds

Ocean Rig announces that investors have converted a further 635 Mandatory Convertible Bonds with a nominal value of NOK 635,000 in the Mandatory Convertible Bond Issue 2002/2005 (ISIN NO 001015769.6) into 18.138 ordinary shares at NOK 35 per share.

Furthermore, investors have converted 7,000 Convertible Bonds with a nominal value of NOK 7,000,000 in the 7% Convertible Bond Issue 2004/2007 (ISIN NO 001 022953.7) into 368,421 ordinary shares at NOK19 per share.

These conversions have reduced the outstanding amount under the Mandatory Convertible Bond Issue from NOK 11,452,000 to NOK 10,817,000 and reduced the outstanding amount under the 7% Convertible Bond Issue from NOK 41,200,000 to NOK 34,200,000, and increased the number of ordinary shares outstanding in Ocean Rig ASA from 86,912,726 to 87,299,285

Ocean Rig owns and operates two of the world's largest and most modern drilling rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating offshore Angola and Norway.

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