Ocean Rig Seeking New Financing

The Board of Ocean Rig ASA will shortly call an extraordinary general meeting seeking approval for a short term financing which will meet the Company's short-term liquidity requirement regarding the completion of the rig Eirik Raude.

A unanimous Board is proposing the financing which will induce US $35 million to the Company and will be paid down within one year. The interest element for the financing will be paid for by issuing shares corresponding to US $5.5 million based on a share price of NOK 11 per share. The shares will be issued when the loan is drawn in May this year. The new shares will represent a share capital increase of approximately 2.8 %.

The financing is anticipated to be placed with the Company's larger shareholders. The transaction is, conditional upon the approval from the general meeting, pre-committed by some of the Company's larger shareholders. The Board intends to call an extraordinary general meeting to be held on May 8, 2002 seeking approval for the financing and the private placement. The notice for the extraordinary general meeting is expected to be sent on April 24, 2002.

The Board considers that the proposed transaction will constitute a favorable solution both for the Company and its shareholders. Through this financing the Company secures necessary funding to cover its short term need for liquidity. In addition, the Board regards the combination of hares and loans to be favorable for all shareholders due to the modest increase of outstanding shares.