Ocean Rig Receives LOI from Vanco for Leiv Eiriksson

Ocean Rig has agreed to a Letter of Intent with Vanco Energy of Houston, who is taking the lead for a group of independent and major oil companies, for the use of the semisubmersible, Leiv Eiriksson, for drilling offshore West Africa. The potential contract is for a two-year firm term, commencing in direct continuation from the current contract with Total Angola, which is anticipated to be during the first quarter of 2007.