Ocean Rigs Says Investors Convert Additional 7% Convertible Bonds

Ocean Rig announces that investors have converted a further 16,700 bonds with a nominal value of NOK 16,700,000 in the 7% Convertible Bond Issue 2004/2007 (ISIN NO 0010229537) into 878,947 ordinary shares at NOK 19 per share.

These conversions have reduced the outstanding amount under the 7% Convertible Bond Issue from NOK 16,700,000 to NOK 0, and increased the number of ordinary shares outstanding in Ocean Rig ASA from 88,436,293 to 89,315,240.

Certificate of registration is sent to Oslo Stock Exchange. New share capital is NOK 893,152,400 and the capital is registered fully paid in the Register of Business Enterprises.

Following these conversions the company's debt consists of the new 2005/2011 USD 430 million bank facilities and the 2005/2013 USD 150 million bond issue.