Semi-submersible Rig 'Erik Raude' Contracted

Press Release
Tuesday, September 11, 2012

Ocean Rig UDW Inc.  has received a Letter of Intent to contract one of its semi-submersible drilling rigs, “Eirik Raude”, from an oil major.

The Letter of Intent is for a one-well program, with an estimated duration of up to 6 months, for drilling offshore Ireland, with an estimated backlog of approximately $112 million, including mobilization and demobilization.

The rig is scheduled to commence this contract in the first quarter of 2013, in direct continuation from its previous contract in West Africa.

Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. The company owns and operates 9 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 7 ultra deepwater drillships, 3 of which remain to be delivered to the company during 2013

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