Ocean Rig Approves New Financing

The annual general meeting in Ocean Rig ASA held Friday, May 24 approved the following regarding new financing:

The private placement of NOK 250,060,000 (approx. US $30 million) at a price of NOK 8 per share, corresponding to 31,257,500 million new shares and the short term financing totaling approx. US $46 million of which US $37.5 million will be disbursed and of which US $46 million will be reimbursed, was approved.

In connection with the short-term loan, new shares totaling US $4.3 million will be issued, corresponding to 4,428,000 new shares at a price of NOK 8 per share. In addition, warrants totaling US $30,864,000 will be issued. The warrants will have various maturities within 1 year and will give rights to subscribe for shares at NOK 8 per share.

The subsequent issues for those shareholders registered in the VPS registry on May 24 and who did not participate in the private placement, were also approved by the general meeting. The first subsequent issue for other shareholders is an issue of up to 10,000,000 shares with a subscription price of NOK 8, corresponding to a total ISSUE amount of NOK 80 million. The second subsequent issue comprises up to 5,000 units each consisting of 1 bond (with a face value of US $1,400 and payment of US $1,140), 135 shares (subscription price of NOK 8) and 941 warrants (divided into 4 classes: 185 in class A, 229 in class B, 187 in class C and 340 class D) at a total subscription price per unit of US $130. Each warrant gives the right to subscribe for one new share in Ocean Rig for a price of NOK 8 per share. The subscription period is from May 30 to June 12, 2002. An offering circular including subscription forms will be sent to all shareholders prior to the subscription period.

The Board's proposals for authorization regarding Item 11 (increasing the share capital by the NOK value of US $25 million), Item 12 (increasing the number of share options for board members and employees to 4 million), Item 13 (allotment of share options to the members of the Board) and Item 14 (indemnity to members of the board), were approved.

The board members Mr. Bjarne Skeie and Mr. Frithjof Skouveroe were re-appointed by the general meeting.


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