Ocean Rig Appoints New Chairman

Bjarne Skeie has informed the Board that he wishes to resign as the Chairman of the Company. It has been agreed that Bjarne Skeie will resign as chairman today.

The Board has appointed Morten Borge (54) as Chairman with effect from today. Morten Borge has nearly 30 years of experience from shipping and offshore companies. He was Chairman of Dual Drilling, Dallas, during 1990-1995 and Chairman and Managing Director of Mosvold Shipping Ltd, Bermuda, until 2001. Morten Borge will work full time for the Company during 2002.

The Board of Directors remains unchanged as follows: Morten Borge (Chairman), Geir Aune, Roy Mosvold, Bjarne Skeie and J. Frithjof Skouveroe.

Christian Huseby has informed the Board that he wishes to resign as the Managing Director. The Board has agreed that Christian Huseby resigns with effect from today. Further it has been agreed that Christian Huseby will be available as a consultant to the Company during the remainder of 2002.

The Board has appointed Kai Solberg-Hansen (54) as Managing Director with effect from today. Kai Solberg-Hansen has more than 25 years experience from shipping and offshore companies. He was until recently Managing Director of Northern Offshore, Bermuda.

Bjarne Skeie comments: "I was appointed Chairman about two years ago and was prepared to continue as such until both rigs were delivered assumed to be during 2001. The consequence of the delay caused by Friede Goldman Shipyard, USA, is that the function as Chairman lasted longer than I envisaged and almost took all my time. The first rig is now in operation offshore West Africa and the second is due for delivery in the middle of this year. I therefore take the opportunity to resign as Chairman. I support the appointment of the new Chairman as well as the employment of the new Managing Director. Like the other Board members I am in full support of the Company's strategy and look forward to serve the Company as a Board member in the future."

The Board comments: "We very much appreciate that Bjarne Skeie will continue to serve the Company as a Board member. We would also stress that the Board and Management unanimously agree on the Strategy of the Company, namely to (i) finalize the building of Eirik Raude in Canada (ii) strengthen the financial position and (iii) develop the Company as an independent world wide ultra deepwater drilling contractor."