Ocean Rig UDW Inc. Announces Proposed Offering by its Wholly Owned Subsidiaries of $500.0 Million Senior Secured Notes Due 2022

Nicosia, Cyprus – June 08, 2014

Ocean Rig UDW Inc. (NASDAQ: ORIG) (the “Company” or “Ocean Rig”), a global provider of of fshore deepwater drilling services, announced today that its wholly owned subsidiaries, Drillships Ocean Ventures Inc. and Drillships Ventures Projects Inc. (the “Issuers”), intend to offer, subject to market and other conditions, $500.0 million in aggregate principal amount of senior secured notes due 2022 (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 Notes initially will be guaranteed by Ocean Rig and certain of the Issuers’ existing and future subsidiaries and the Notes and the related guarantees will be secured by a security interest in the Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena, and by a pledge of the stock of the Issuers and the subsidiary guarantors.

Ocean Rig intends to use the net proceeds of this offering, if completed, together with the net proceeds of an expected concurrent new $800.0 million senior secured term loan and cash on hand, to repay all of the outstanding amounts under its $1.35 billion senior secured term loan facility.

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

The Notes and the related guarantees 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 harsh-environment segment of the offshore drilling industry. The company owns and operates 13 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships, one of which is scheduled to be delivered to the Company during 2015, one of which is scheduled to be delivered to the Company during 2016 and 2 of which are scheduled to be delivered during 2017.

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



Ocean Rig press release