Ocean Rig Converts Bond to Shares

Ocean Rig announces that bondholders have given notice of conversion of 70 bonds in the 3 year 7% Convertible Bond 2004/2007 (ISIN NO 001 022953.7) with a total nominal value of NOK 7.000.000 into 368.421 shares at NOK 19 per share. Pending registration in the Share Registry, this conversion will reduce the outstanding amount under the 7% Convertible Bond from NOK 104.900.000 to NOK 97.900.000 and increase the number of ordinary shares outstanding in Ocean Rig ASA from 65.794.097 to 66.162.518.

Bondholders in the 7% Convertible Bond 2004/2007 may at any time until maturity give notice to the trustee of conversion of bonds into ordinary shares at a strike price of NOK 19 per share. Ocean Rig has a right to call the remaining loan at any time prior to December 22, 2004 at a price of 130% of par. From the time the Trustee has received written irrevocable notice of Ocean Rig's decision to buy back a portion of or the entire remaining loan, bondholders' conversion rights are suspended for the portion of the loan being called by Ocean Rig.