Ocean Rig UDW Inc. Announces Letter of Intent for the Eirik Raude
News Release
Ocean Rig UDW Inc. (Corporate Head Office)
September 15, 2012
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<P align=left>Nicosia, Cyprus – September 11, 2012 – Ocean Rig UDW Inc. (the
“Company” or</P>
<P align=left>“Ocean Rig”), a global provider of offshore deepwater drilling
services, today</P>
<P align=left>announced that it has received a Letter of Intent for one of its
semi-submersible</P>
<P align=left>drilling rigs, “Eirik Raude”, from an oil major. The Letter of
Intent is for a one-well</P>
<P align=left>program, with an estimated duration of up to 6 months, for
drilling offshore Ireland,</P>
<P align=left>with an estimated backlog of approximately $112 million, including
mobilization and</P>
<P align=left>demobilization. The rig is scheduled to commence this contract in
the first quarter of</P>
<P>2013, in direct continuation from its previous contract in West
Africa.</P></FONT></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 size=3 face="Times New Roman"><FONT size=3 face="Times New Roman">
<P align=left>Nicosia, Cyprus – September 11, 2012 – Ocean Rig UDW Inc. (the
“Company” or</P>
<P align=left>“Ocean Rig”), a global provider of offshore deepwater drilling
services, today</P>
<P align=left>announced that it has received a Letter of Intent for one of its
semi-submersible</P>
<P align=left>drilling rigs, “Eirik Raude”, from an oil major. The Letter of
Intent is for a one-well</P>
<P align=left>program, with an estimated duration of up to 6 months, for
drilling offshore Ireland,</P>
<P align=left>with an estimated backlog of approximately $112 million, including
mobilization and</P>
<P align=left>demobilization. The rig is scheduled to commence this contract in
the first quarter of</P>
<P>2013, in direct continuation from its previous contract in West
Africa.</P></FONT></FONT></DIV></BODY></HTML>