Revised Delivery Schedule for Eirik Raude

Ocean Rig's second rig, Eirik Raude, is currently being completed at the Halifax Shipyard (Irving Shipbuilding, Inc.) in Nova Scotia. Since the rig arrived in Halifax, the yard and Ocean Rig have been working to establish an updated delivery schedule for this unit. Based on an extensive project review including experiences from our first rig, Leiv Eiriksson, the Halifax Shipyard and Ocean Rig developed a detailed project plan which estimates that Eirik Raude will be mechanically complete, and leaving the yard for seatrials, at the end of the first quarter of next year. Commencement of operations is estimated to take place during the second quarter 2002