Ocean Rig UDW Inc. Announces Upsizing and Pricing of Public Offering of Its Shares by DryShips Inc.

Ocean Rig UDW Inc. Announces Upsizing and Pricing of Public Offering of Its 
Shares by DryShips Inc. 
NICOSIA, CYPRUS -- (Marketwire) -- 02/12/13 --  Ocean Rig UDW Inc.
(NASDAQ: ORIG) (the "Company" or "Ocean Rig"), a global provider of
offshore deepwater drilling services, today announced the upsizing of
the previously announced public offering of Ocean Rig common shares
by DryShips Inc. (NASDAQ: DRYS) to 7,500,000 common shares and that
the offering has priced with gross proceeds of approximately $126.4
million. All net proceeds from the sale of the common shares will be
received by DryShips as the selling shareholder. Following the
completion of the offering, DryShips is expected to own approximately
59.4% of the Company's outstanding shares. The offering is expected
to close on February 14, 2013.  
Deutsche Bank Securities and Credit Suisse are acting as joint
book-running managers for the offering.  
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful. The offering is being made
by means of a prospectus and related prospectus supplement. A
prospectus supplement related to the offering has been filed with the
Securities and Exchange Commission. When available, copies of the
prospectus and prospectus supplement relating to the offering may be
obtained from Deutsche Bank Securities Inc., Attention: Prospectus
Department, 60 Wall Street, New York, New York 10005 (or at
1-800-503-4611) or Credit Suisse Securities (USA) LLC, Attention:
Prospectus Department, One Madison Avenue, New York, NY 10010 (or at
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 10 offshore ultra deepwater drilling units,
comprising of 2 ultra deepwater semisubmersible drilling rigs and 8
ultra deepwater drillships, 3 of which remain to be delivered to the
company during 2013 and 1 in 2015. 
Visit the Company's website a
t 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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