Ocean Rig Awarded $700 Million 3-Yr Contract

Ocean Rig has received a Letter of Award from Tullow Oil Plc. for a 3-year term contract for development drilling offshore Ghana, commencing in direct continuation from the current contract with ExxonMobil. The contract value is approximately USD 700 mill including an additional 40 days of mobilization.

The contract can be extended by Tullow Oil with one or two years by December 31, 2008 and is subject to final documentation.

CEO Trygve Arnesen said: "We are pleased to see that the drilling market is developing according to our expectations and in line what we have communicated to the market."

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 in the US Gulf of Mexico and in the North Sea.