Statoil Taps Eirik Raude for Additional Wells

Ocean Rig has entered into an agreement with Statoil, subject to partner approvals, for two deepwater wells and one optional well in continuation of the exploration campaign in the Barents Sea, which is expected to be completed in April 2005.

The total contract value of the additional wells will upon lifting the subjects be approximately US $35 million and US $21 million respectively. The wells will be drilled for Statoil in the Norwegian sector of the North Sea.

Final subjects related to the first two wells, with a total estimated duration of 150 days, will be lifted on or before June 15 and August 6, 2004. The optional well with an estimated duration of 90 days, can be exercised by Statoil on or before August 31, 2004.

Eirik Raude has now a continuing program of nine wells, including the optional well, expected to be completed by the end of 2005. Total backlog for the rig is US $108 million for the firm period and US $129 million including the optional well.

During the last four weeks Ocean Rig has secured new contracts with a total contract value of US $112 million for Eirik Raude when the optional well is included.