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Nicosia, Cyprus – February 25, 2015 Ocean Rig UDW Inc. (NASDAQ:ORIG), or Ocean Rig or the Company, an international contractor of offshore deepwater drilling services today announced its unaudited financial and operating results for the fourth quarter ended December 31, 2014. Fourth Quarter 2014 Financial Highlights • For the fourth quarter of 2014, the Company reported a net income of $87.5 million, or $0.66 basic and diluted earnings per share. • The Company reported Adjusted EBITDA of $276.7 million for the fourth quarter of 2014, as compared to $163.8 million for the fourth quarter of 2013.(1) Year Ended December 31, 2014 Financial Highlights • For the year ended December 31, 2014, the Company reported a net income of $259.8 million, or $1.96 basic and diluted earnings per share. Included in the year ended December 31, 2014 results are: - Non-cash write-offs and redemption costs associated with the full refinancing of Ocean Rig's $500.0 million 9.5% senior unsecured notes due 2016, totaling $32.6 million or $0.25 per share. - Non-cash write offs and breakage costs associated with the full refinancing of Ocean Rig's $1.35 billion Senior Secured Credit Facility, totaling $22.0 million or $0.17 per share. Excluding the above items, the Company would have reported a net income of $314.4 million, or $2.38 per share. The Company reported Adjusted EBITDA(1) of $962.5 million for the year ended 2014, as compared to $545.7 million for the year ended 2013. Recent Highlights On February 24, 2015, the Company’ Board of Directors declared a quarterly cash dividend with respect to the quarter ended December 31, 2014, of $0.19 per common share, to its shareholders of record as of March 10, 2015 and payable on or about March 23, 2015. George Economou, Chairman and Chief Executive Officer of the Company, commented: “We are pleased to report another solid quarter driven by strong operating results and a fleet utilization of approximately 95%. As a result, our Board of Directors declared the fourth consecutive quarterly cash dividend of $0.19 per share to our shareholders, with respect to operations during the last quarter of 2014. “The market remains challenging and we continue to navigate this downturn by staying close to our customers, providing a first class service and showing flexibility as needed to reach solutions that benefit all parties. As a result of our prudent employment strategy we have a best in class 93% and 65% of our calendar days under contract in 2015 and 2016 respectively. With this strong backlog, Ocean Rig is well positioned not only to weather the storm but also to pursue distressed asset opportunities as they arise.” Financial Review: 2014 Fourth Quarter The Company recorded net income of $87.5 million, or $0.66 basic and diluted earnings per share, for the three-month period ended December 31, 2014, as compared to a net income of $39.7 million, or $0.30 basic and diluted earnings per share, for the three-month period ended December 31, 2013. Adjusted EBITDA(1) was $276.7 million for the fourth quarter of 2014, as compared to $163.8 million for the same period in 2013. Revenues from drilling contracts increased by $153.9 million to $499.4 million for the three-month period ended December 31, 2014, as compared to $345.5 million for the same period in 2013. Drilling rigs and drillships’ operating expenses increased to $194.8 million and total depreciation and amortization increased to $84.5 million for the three-month period ended December 31, 2014, from $138.3 million and $65.3 million, respectively, for the three-month period ended December 31, 2013. Total general and administrative expenses decreased to $34.8 million in the fourth quarter of 2014 from $41.2 million during the same period in 2013. Interest and finance costs, net of interest income, amounted to $62.3 million for the three-month period ended December 31, 2014, compared to $47.0 million for the three-month period ended December 31, 2013. Please click on this link to view the full press release with the Financial tables 
Ocean Rig press release 
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