Ocean Rig Investor's Convert Mandatory Convertible Bonds

Ocean Rig announces that investors have converted a further 17.510 Mandatory Convertible Bonds with a nominal value of NOK 17.510.000 in the Mandatory Convertible Bond Issue 2002/2005 (ISIN NO 001015769.6) into 500.285 ordinary shares at 35 per share. This conversion has reduced the outstanding amount under the Mandatory Convertible Bond Issue from NOK 567.542.000 to NOK 550.032.000 and increased the number of ordinary shares outstanding in Ocean Rig ASA from 64.265.528 to 64.765.813.

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