Ocean Rig Repurchase of Shares

On August 16, 2007, the company bought 200,000 Ocean Rig shares at an average price of NOK 35.6538 per share. After this repurchase, the company owns 4,115,000 Ocean Rig shares.

Ocean Rig may from time to time purchase its ordinary shares or other securities in open market transactions.

Ocean Rig owns and operates two of the world's largest and most modern drilling rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating offshore Angola and in the US Gulf of Mexico.