Ocean Rig UDW Inc. Announces Proposed Offering
of $500 Million Senior Notes Due 2019

Nicosia, Cyprus – March 14, 2014

Ocean Rig UDW Inc. (NASDAQ: ORIG) (“Ocean Rig” or the “Company”) announced today that it intends, subject to market and other conditions, to offer $500 million in aggregate principal amount of senior notes due 2019 (the “Notes”) in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain other persons outside of the United States in reliance on Regulation S under the Securities Act.

The Company intends to use the net proceeds from the offering of the Notes, together with other available funds, to fund the repurchase or redemption of its 9.5% Senior Unsecured Notes due 2016, for which it is conducting a concurrent tender offer, and to pay related fees and expenses.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of the Notes will be made only by means of a private offering memorandum.

The Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act.

About Ocean Rig UDW Inc.:
Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra-deepwater and harshenvironment segment of the offshore drilling industry. The company owns and operates 11 offshore ultra deepwater drilling units, comprised of 2 ultra deepwater semisubmersible drilling rigs and 9 ultra deepwater drillships, 1 of which is scheduled to be delivered to the Company during 2014 and 2 of which are scheduled to be delivered during 2015.

Ocean Rig’s common stock is listed on the NASDAQ Global Select Market where it trades under the symbol “ORIG”. Visit the Company’s website at www.ocean-rig.com

Ocean Rig press release