Ocean Rig UDW Inc. Announces Additional
Well Contracts for the Eirik Raude

Oct. 12, 2011

NICOSIA, CYPRUS, Oct 12, 2011 (MARKETWIRE via COMTEX) - Ocean Rig UDW Inc. (the "Company" or "Ocean Rig"), a global provider of offshore deepwater drilling services, today announced that it has entered into drilling contracts for three additional wells offshore West Africa, with two independent oil operators based in the UK and the USA respectively, for the semi-submersible rig Eirik Raude. The total revenue backlog, excluding mobilization cost, to complete the three wells program is estimated at $96 million for a period of approximately 175 days. The new contracts will commence in direct continuation after the completion of the existing Tullow contract around mid-October.

George Economou, Chairman and CEO commented:
"We continue to execute on our strategy increasing our backlog. With two high-spec harsh weather UDW semi-submersibles available for employment in 2012 we are uniquely positioned to secure long-term contracts in a strengthening rate environment."

About Ocean Rig
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 9 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 7 ultra deepwater drillships, 3 of which remain to be delivered to the company during 2013.

Ocean Rig press release