Ocean Rig Extends Tender Offer and Consent Solicitation

Ocean Rig ASA reports that Ocean Rig Norway AS has extended its previously announced tender offer and consent solicitation for its 10-1/4% Senior Secured Notes due 2008. The Expiration Time has been extended to 5:00 P.M., New York City time, on Thursday, June 23, 2005 from midnight, New York City time, on Thursday, June 16, 2005.

As announced June 6, 2005, approximately $218,422,000 principal amount of the outstanding $225,000,000 principal amount of the Notes have been tendered, representing approximately 97.08%.

Morgan Stanley & Co. Incorporated is the dealer manager and MacKenzie Partners, Inc. is the information agent for the offer. Requests for documentation should be directed to MacKenzie Partners, Inc. at (800) 322-2885 (toll free) (banks and brokerage firms please call (212) 929-5500). Questions regarding the transaction should be directed to Morgan Stanley & Co. Incorporated at (800) 624-1808 (U.S. toll-free) or (212) 761-1457 (collect), attention: Riccardo Cumerlato.

This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation to consent with respect to any Notes. The offer is being made solely by the Offer to Purchase and Related Solicitation of Consents, which sets forth the complete terms of the tender offer and consent solicitation.