Leiv Eiriksson Receives Contract Offshore West Africa

Ocean Rig ASA has received a Letter of Intent issued jointly by affiliates of ExxonMobil Corporation and a subsidiary of BP p.l.c. for drilling services with the company's semisubmersible, Leiv Eiriksson.

The Letter of Intent reflects a drilling program of multiple wells (including firm and optional wells) offshore West Africa. The drilling contract will commence upon finalization of a customer-defined acceptance test program in the US Gulf of Mexico. The rig will thereafter mobilize to West Africa and it is estimated that drilling operations on the first well will start in the fourth quarter of this year. The gross revenues under the firm portion of the drilling program (estimated duration of around 10 months plus mobilization) of this contract will amount to approximately USD 57 million.

The Letter of Intent now received is made subject to final agreement on contractual terms, completion of the above mentioned testing program as well as final approval from the consortium's co-venturers and appropriate governments.

Ocean Rig has been marketing their units for the West Africa deepwater areas since 1998, and the commitment now announced represents a breakthrough in Ocean Rig's effort to provide drilling services in this area.