Ocean Rig Increases Unsecured Bond Loan to NOK 700 Million

On September 21, 2004, Ocean Rig announced its intention to issue a new NOK 600 million 5-year senior unsecured bond loan. Due to the strong demand for this loan, the company has decided to increase the loan by approximately NOK 100 million to a total of approximately NOK 700 million consisting of a NOK tranche in the amount of NOK 630 million and a USD tranche in the amount of USD 10 million.

In connection with the issue, the company has received considerable interest from the holders of the company's subordinated convertible fixed rate notes (OCR00 and OCR01) to exchange their current holdings into the new Bonds through an exchange offer. Accordingly, Ocean Rig will exchange NOK 258.5 million of the outstanding amounts in these loans (NOK 393 million) into the new Bonds.