Ocean Rig UDW Inc. announces first common stock dividend

Nicosia, Cyprus – May 8, 2014

Ocean Rig UDW Inc. (NASDAQ: ORIG) (the “Company” or “Ocean Rig”), announced today that its Board of Directors declared a quarterly cash dividend with respect to the quarter ended March 31, 2014 of $0.19 per common share, to shareholders on record as of May 20, 2014 and payable on or about May 30, 2014.

The declaration and payment of any dividend on our common shares will be determined, on a quarterly basis, at the sole discretion of our Board of Directors. We cannot assure you that we will pay dividends in the amounts stated above or at all, and our ability to pay dividends will be subject to the restrictions in our credit agreements, the provisions of Marshall Islands law and other factors to be considered by our Board of Directors.

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 harsh-environment segment of the offshore drilling industry.

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