Ocean Rig UDW Inc. Announces Proposed Offering by its Wholly Owned Subsidiary of $750 Million Senior Secured Notes due 2017
News Release
Ocean Rig UDW Inc. (Corporate Head Office)
September 7, 2012
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<P align=left>Nicosia, Cyprus – September 6, 2012 – Ocean Rig UDW Inc. (NASDAQ:
ORIG) (the “Company” or</P>
<P align=left>“Ocean Rig”), a global provider of offshore deepwater drilling
services, announced today that its</P>
<P align=left>wholly owned subsidiary, Drill Rigs Holdings Inc. (the “Issuer”),
intends to offer, subject to market</P>
<P align=left>and other conditions, $750.0 million in aggregate principal amount
of senior secured notes due 2017</P>
<P align=left>(the “Notes”) in a private offering within the United States to
qualified institutional buyers pursuant to</P>
<P align=left>Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), and to certain other</P>
<P align=left>persons outside of the United States in reliance on Regulation S
under the Securities Act.</P>
<P align=left>The Notes will be guaranteed by Ocean Rig and certain of the
Issuer’s existing and future subsidiaries</P>
<P align=left>and the Notes and the related guarantees will be secured by
certain assets of, and by a pledge of the</P>
<P align=left>stock of, the Issuer and the subsidiary guarantors.</P>
<P align=left>Ocean Rig intends to use the net proceeds of this offering, if
completed, to fully repay all outstanding</P>
<P align=left>indebtedness under its $1.04 billion senior secured credit
facility, amounting to approximately $487.5</P>
<P align=left>million as of June 30, 2012, and for the purposes of financing
offshore drilling rigs, and to pay all fees</P>
<P align=left>and expenses associated therewith.</P>
<P align=left>This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes and</P>
<P align=left>the related guarantees, nor shall there be any sale of the Notes
and the related guarantees in any</P>
<P align=left>jurisdiction in which such offer, solicitation or sale is
unlawful. Any offer of the Notes and related</P>
<P align=left>guarantees will be made only by means of a private offering
memorandum.</P>
<P align=left>The Notes and the related guarantees have not been, and will not
be, registered under the Securities Act</P>
<P align=left>or the securities laws of any other jurisdiction and may not be
offered or sold in the United States</P>
<P>absent registration or an applicable exemption from registration requirements
under the Securities Act.</P></FONT></FONT></DIV></BODY></HTML>
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<DIV><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">
<P align=left>Nicosia, Cyprus – September 6, 2012 – Ocean Rig UDW Inc. (NASDAQ:
ORIG) (the “Company” or</P>
<P align=left>“Ocean Rig”), a global provider of offshore deepwater drilling
services, announced today that its</P>
<P align=left>wholly owned subsidiary, Drill Rigs Holdings Inc. (the “Issuer”),
intends to offer, subject to market</P>
<P align=left>and other conditions, $750.0 million in aggregate principal amount
of senior secured notes due 2017</P>
<P align=left>(the “Notes”) in a private offering within the United States to
qualified institutional buyers pursuant to</P>
<P align=left>Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), and to certain other</P>
<P align=left>persons outside of the United States in reliance on Regulation S
under the Securities Act.</P>
<P align=left>The Notes will be guaranteed by Ocean Rig and certain of the
Issuer’s existing and future subsidiaries</P>
<P align=left>and the Notes and the related guarantees will be secured by
certain assets of, and by a pledge of the</P>
<P align=left>stock of, the Issuer and the subsidiary guarantors.</P>
<P align=left>Ocean Rig intends to use the net proceeds of this offering, if
completed, to fully repay all outstanding</P>
<P align=left>indebtedness under its $1.04 billion senior secured credit
facility, amounting to approximately $487.5</P>
<P align=left>million as of June 30, 2012, and for the purposes of financing
offshore drilling rigs, and to pay all fees</P>
<P align=left>and expenses associated therewith.</P>
<P align=left>This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes and</P>
<P align=left>the related guarantees, nor shall there be any sale of the Notes
and the related guarantees in any</P>
<P align=left>jurisdiction in which such offer, solicitation or sale is
unlawful. Any offer of the Notes and related</P>
<P align=left>guarantees will be made only by means of a private offering
memorandum.</P>
<P align=left>The Notes and the related guarantees have not been, and will not
be, registered under the Securities Act</P>
<P align=left>or the securities laws of any other jurisdiction and may not be
offered or sold in the United States</P>
<P>absent registration or an applicable exemption from registration requirements
under the Securities Act.</P></FONT></FONT></DIV></BODY></HTML>