Ocean Rig Says Tender Consent for Notes at 97%

Ocean Rig announces that $218,422,000 of the outstanding $225,000,000 of its 10.25% senior secured notes (bonds)due 2008 have been tendered, representing 97.08% of the outstanding bonds.

As a result of such consents and early tenders, Ocean Rig has received the requisite consents to execute a supplemental indenture relating to the bonds which will allow the company, among others, to redeem all of the bonds outstanding with a notice period of only 3 days versus originally 30 days, pending completion of the refinancing of the company's existing debt.

Questions regarding this tender consent should be directed to Morgan Stanley & Co. Incorporated at (800) 624-1808 (U.S. toll-free) or (212) 761-1457 (collect), attention: Riccardo Cumerlato.