Eirik Raude Delivery Date Pushed Back

Following a change in the Ocean Rig project management team at the shipyard in Halifax, Canada and an in depth analysis of the scope of work remaining, revised schedules, the date of commencement of operation is now scheduled to take place in early October 2002.

This has resulted in an increased estimated cost of US $40 million to complete compared to previous plans. In addition, the delayed delivery to operations will add a postponement of revenue of about US $5 million.