Ocean Rig Update

Ocean Rig's first rig, Leiv Eriksson, is, according to ABB Offshore Systems AS (former Umoe Olje og Gass AS), today approximately 94% complete. The rig is currently going through a period of commissioning and electrical work and will, according to the schedule, leave the yard for sea-trials in mid December 2000. Ocean Rig estimates the sea-trials to last approximately 40 days. ABB Offshore Systems AS estimates delivery of the rig during the first quarter 2001.

The company's second rig, Eirik Raude, is today approximately 75% complete. ABB Offshore Systems AS estimates delivery of the rig during the second quarter 2001, unless steps are taken to increase electrical manpower.

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