Ocean Rig UDW Inc. Announces Letter of Award for Three Year Drilling Contract for the Ocean Rig Olympia

Nicosia, Cyprus – April 9, 2012


Ocean Rig UDW Inc. (NASDAQ:ORIG) (the “Company” or “Ocean Rig”), a global provider of offshore deepwater drilling services, today announced that it has received a Letter of Award for its ultra deepwater drillship “Ocean Rig Olympia”, from a major oil company. The Letter of Award is for a three- year contract for drilling offshore West Africa, with an estimated backlog of approximately $652 million. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals. The contract is expected to commence in direct continuation of the Ocean Rig Olympia’s existing contract in West Africa. The customer would have the option to extend the contract for two periods of one year each, with the first option exercisable within one year from the commencement date under the drilling contract, and the second option exercisable within one year after the date of exercise of the first option. With this latest fixture, Ocean Rig no longer has any rigs available in 2012.

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. Visit the Company’s website at www.ocean-rig.com.

Ocean Rig press release