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Ocean Rig Signs SemiSub Rig Deal

Monday, January 23, 2012

Ocean Rig UDW Inc. (NASDAQ:ORIG) signed a new drilling contract for its semisubmersible drilling rig “Eirik Raude” with an independent operator, for work offshore West Africa. The maximum total revenue backlog, to complete the 3 well

program is estimated at $52 million for a period of 60 days. The new contract will commence in direct continuation after the completion of the existing Eirik Raude contract. The operator has an option to drill one additional well for an estimated duration of 20 days.

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