Ocean Rig Increases Capital

Ocean Rig refers to Press Release dated October 6, 2004, concerning bondholders' 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.

The conversion is now registered in the Share Registry. The conversion has reduced the outstanding amount under the 7% Convertible Bond from NOK 104.900.000 to NOK 97.900.000 and increased the number of ordinary shares outstanding in Ocean Rig ASA from 65.794.097 to 66.162.518.