Ocean Rig Releases Preliminary Results

Wednesday, November 05, 2003
In connection with the release of an Offering Circular today for the pending Equity Offering, Ocean Rig announces preliminary financial accounts for third quarter 2003. Ocean rig reports operating results of NOK 24.5 mill, which is the best operating results in the history of the company. Results were improved by significantly better operating performance for the company's two deep water drilling rigs, Leiv Eiriksson and Eirik Raude. The company sees improving market fundamentals based on a build up of planned deepwater development projects. Ocean Rig reports preliminary operating profits of NOK 24.5 mill (NOK -30.7 mill) for the third quarter of 2003. EBITDA for the quarter was NOK 97.7 mill (1.9 mill), and net result was NOK 65.5 mill (NOK -145.7 mill). Net result for the third quarter includes unrealised currency gains of NOK 139.2 mill (-22.9 mill). Further details about the Company's preliminary third quarter result and balance sheet are shown in attachment hereto. The third quarter earnings efficiency for Leiv Eiriksson was 95 %. For the first and second quarter of 2003 the efficiency ratios, were 82% and 89% respectively. Due solely to 22 days of off-hire between contracts during the quarter the earnings efficiency for Eirik Raude in the third quarter was 74% (when on hire, earnings efficiency was 99%). For the first and second quarter of 2003 the efficiency ratios, were 82% and 78% respectively Geir Aune, the Executive Chairman of the Board, said: "Even with Eirik Raude being off-hire for 22 days during the quarter, we delivered the best operating results in the history of the company due to significantly improved operational performance. Based on a strong increase in the number of planned deepwater development projects we see a solid future market for our business"

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