OCEAN RIG UDW INC. ANNOUNCES SIGNING OF THREE YEAR DRILLING CONTRACT FOR THE OCEAN RIG MYLOS AND EXTENSION OF THE EXPIRY DATE FOR ITS NEWBUILDING OPTIONS
News Release
Ocean Rig UDW Inc. (Corporate Head Office)
September 7, 2012
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<DIV><FONT face="Times New Roman">
<P align=left>Nicosia, Cyprus </FONT><FONT face="Times New Roman">– </FONT><FONT
face="Times New Roman">September 5, 2012 </FONT><FONT face="Times New Roman">–
</FONT><FONT face="Times New Roman">Ocean Rig UDW Inc. (NASDAQ:ORIG)
(the</P></FONT><FONT face="Times New Roman">
<P align=left>“Company” or “Ocean </FONT><FONT
face="Times New Roman">Rig</FONT><FONT face="Times New Roman">”)</FONT><FONT
face="Times New Roman">, a global provider of offshore deepwater drilling</P>
<P align=left>services, announced today that it has signed definitive
documentation, following the</P>
<P align=left>previously announced Letter of Intent, for the Ocean Rig Mylos, a
7</FONT><FONT size=1 face="Times New Roman"><FONT size=1
face="Times New Roman">th </FONT></FONT><FONT
face="Times New Roman">generation</P>
<P align=left>drillship, with Repsol Sinopec Brasil S.A. The Ocean Rig Mylos is
currently being</P>
<P align=left>constructed at Samsung Heavy Industries shipyard and is scheduled
for delivery in</P>
<P align=left>July 2013. It is the first in a series of three 7</FONT><FONT
size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">th
</FONT></FONT><FONT face="Times New Roman">generation drillships Ocean Rig
expects</P>
<P align=left>to take delivery of during the second half of 2013 from Samsung.
The drilling</P>
<P align=left>contract is for a 3-year period, commencing upon delivery of the
drillship from the</P>
<P align=left>shipyard, for drilling offshore Brazil, with an estimated revenue
backlog of</P>
<P align=left>approximately $700 million. Under the contract, Repsol also has
options to extend the</P>
<P align=left>contract for up to two years beyond the initial three-year
contract period.</P>
<P align=left>The company further announced that it has agreed with Samsung
Heavy Industries to</P>
<P align=left>extend, at no additional cost, the deadline of exercising its
options to construct up to</P>
<P>three additional ultra-deepwater drillships, to March 31,
2013.</P></FONT></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.19298"></HEAD>
<BODY>
<DIV><FONT face="Times New Roman">
<P align=left>Nicosia, Cyprus </FONT><FONT face="Times New Roman">– </FONT><FONT
face="Times New Roman">September 5, 2012 </FONT><FONT face="Times New Roman">–
</FONT><FONT face="Times New Roman">Ocean Rig UDW Inc. (NASDAQ:ORIG)
(the</P></FONT><FONT face="Times New Roman">
<P align=left>“Company” or “Ocean </FONT><FONT
face="Times New Roman">Rig</FONT><FONT face="Times New Roman">”)</FONT><FONT
face="Times New Roman">, a global provider of offshore deepwater drilling</P>
<P align=left>services, announced today that it has signed definitive
documentation, following the</P>
<P align=left>previously announced Letter of Intent, for the Ocean Rig Mylos, a
7</FONT><FONT size=1 face="Times New Roman"><FONT size=1
face="Times New Roman">th </FONT></FONT><FONT
face="Times New Roman">generation</P>
<P align=left>drillship, with Repsol Sinopec Brasil S.A. The Ocean Rig Mylos is
currently being</P>
<P align=left>constructed at Samsung Heavy Industries shipyard and is scheduled
for delivery in</P>
<P align=left>July 2013. It is the first in a series of three 7</FONT><FONT
size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">th
</FONT></FONT><FONT face="Times New Roman">generation drillships Ocean Rig
expects</P>
<P align=left>to take delivery of during the second half of 2013 from Samsung.
The drilling</P>
<P align=left>contract is for a 3-year period, commencing upon delivery of the
drillship from the</P>
<P align=left>shipyard, for drilling offshore Brazil, with an estimated revenue
backlog of</P>
<P align=left>approximately $700 million. Under the contract, Repsol also has
options to extend the</P>
<P align=left>contract for up to two years beyond the initial three-year
contract period.</P>
<P align=left>The company further announced that it has agreed with Samsung
Heavy Industries to</P>
<P align=left>extend, at no additional cost, the deadline of exercising its
options to construct up to</P>
<P>three additional ultra-deepwater drillships, to March 31,
2013.</P></FONT></DIV></BODY></HTML>