Ocean Rig Secures Additional Well Contracts for Semisub

Ocean Rig has entered into drilling contracts for three additional wells offshore West Africa, with two independent oil operators based in the UK and the USA respectively, for the semisubmersible rig Eirik Raude. The total revenue backlog, excluding mobilization cost, to complete the three wells program is estimated at $96 million for a period of approximately 175 days. The new contracts will commence in direct continuation after the completion of the existing Tullow contract around mid-October.

George Economou, Chairman and CEO commented, "We continue to execute on our strategy increasing our backlog. With two high-spec harsh weather UDW semisubmersibles available for employment in 2012 we are uniquely positioned to secure long-term contracts in a strengthening rate environment."

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