Ocean Rig UDW Inc. Announces Signing of Three Year Drilling

Ocean Rig UDW Inc. Announces Signing of Three Year Drilling Contract
for the Ocean Rig Mylos and Extension of the Expiry Date for Its
Newbuilding Options 
NICOSIA, CYPRUS -- (Marketwire) -- 09/05/12 --  Ocean Rig UDW Inc.
(NASDAQ: ORIG) (the "Company" or "Ocean Rig"), a global provider of
offshore deepwater drilling services, announced today that it has
signed definitive documentation, following the previously announced
Letter of Intent, for the Ocean Rig Mylos, a 7th generation
drillship, with Repsol Sinopec Brasil S.A. The Ocean Rig Mylos is
currently being constructed at Samsung Heavy Industries shipyard and
is scheduled for delivery in July 2013. It is the first in a series
of three 7th generation drillships Ocean Rig expects to take delivery
of during the second half of 2013 from Samsung. The drilling contract
is for a 3-year period, commencing upon delivery of the drillship
from the shipyard, for drilling offshore Brazil, with an estimated
revenue backlog of approximately $700 million. Under the contract,
Repsol also has options to extend the contract for up to two years
beyond the initial three-year contract period. 
The company further announced that it has agreed with Samsung Heavy
Industries to extend, at no additional cost, the deadline of
exercising its options to construct up to three additional
ultra-deepwater drillships, to March 31, 2013.  
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. 
Forward-Looking Statements  
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements relate to Ocean Rig's
expectations, beliefs, intentions or strategies regarding the future.
These statements may be identified by the use of words like
"anticipate," "believe," "estimate," "expect," "intend," "may,"
"plan," "project," "should," "seek," and similar expressions.
Forward-looking statements reflect Ocean Rig's current views and
assumptions with respect to future events and are subject to risks
and uncertainties.  
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, management's examination
of historical operating trends, data contained in Ocean Rig's records
and other data available from third parties. Although Ocean Rig
believes that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant uncertainties
and contingencies which are difficult or impossible to predict and
are beyond Ocean Rig's control, Ocean Rig cannot assure you that it
will achieve or accomplish these expectations, beliefs or projections
described in the forward-looking statements contained herein. Actual
and future results and trends could differ materially from those set
forth in such statements.  
Important factors that, in Ocean Rig's view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include (i) factors related to the
offshore drilling market, including supply and demand, utilization,
day rates and customer drilling programs; (ii);hazards inherent in
the drilling industry and marine operations causing personal injury
or loss of life, severe damage to or destruction of property and
equipment, pollution or environmental damage, claims by third parties
or customers and suspension of operations; (iii) changes in laws and
governmental regulations, particularly with respect to environmental
matters; (iv) the availability of competing offshore drilling
vessels; (v) political and other uncertainties, including risks of
terrorist acts, war and civil disturbances; piracy; significant
governmental influence over many aspects of local economies, seizure;
nationalization or expropriation of property or equipment;
repudiation, nullification, modification or renegotiation of
contracts; limitations on insurance coverage, such as war risk
coverage, in certain areas; political unrest; foreign and U.S.
monetary policy and foreign currency fluctuations and devaluations;
the inability to repatriate income or capital; complications
associated with repairing and replacing equipment in remote
locations; import-export quotas, wage and price controls imposition
of trade barriers; regulatory or financial requirements to comply
with foreign bureaucratic actions; changing taxation policies; and
other forms of government regulation and economic conditions that are
beyond our control; (vi) the performance of our rigs; (vii) our
ability to procure or have access to financing and comply with our
loan covenants; (viii) our ability to successfully employ our
drilling units; (ix) our capital expenditures, including the timing
and cost of completion of capital projects; and (x) our revenues and
expenses. Due to such uncertainties and risks, investors are
cautioned not to place undue reliance upon such forward-looking
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: oceanrig@capitallink.com 
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