Ocean Rig UDW Inc. Announces Three Year Drilling Contract
for the Leiv Eiriksson

NICOSIA, CYPRUS, Feb 06, 2012 (MARKETWIRE via COMTEX) Ocean Rig UDW Inc. ORIG -0.01% (the "Company" or "Ocean Rig"), a global provider of offshore deepwater drilling services, today announced that it has signed a new drilling contract for its semi-submersible drilling rig "Leiv Eiriksson" with a consortium coordinated by Rig Management Norway for drilling on the Norwegian Continental Shelf. The maximum total revenue backlog is estimated at $653 million for a minimum period of 1070 days. The new contract is a well-based contract for 15 wells and will commence in the fourth quarter of 2012 or the first quarter of 2013.The contract includes three options of 6 wells each that have to be exercised well in advance of the expiry of the firm period.

George Economou, Chairman and Chief Executive Officer of Ocean Rig UDW Inc commented "We are pleased to announce this long-term contract with a strong consortium for work on the Norwegian Continental Shelf, taking advantage of the Leiv Eiriksson's harsh weather capabilities. This contract substantially enhances our backlog and is evidence of the strengthening market for high specification ultra deepwater rigs. We have two further high specification ultra deepwater capable units open in 2012, the Eirik Raude and Ocean Rig Olympia, and we are focused on securing long-term contracts for them.

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