BP Exercises Option for Leiv Eiriksson

Ocean Rig announces that BP Exploration (Angola) Limited has exercised the 4th option well under the present contract in Angola for Leiv Eiriksson. This well, which will last for an estimated 50 days, will be drilled in a sequence with the previously announced third option under the contract, together estimated to employ the rig until early December 2003. Ocean Rig owns and operates two of the worlds largest and most modern drilling-rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating in Angola and off the east coast of Canada.