Ocean Rig Skyros Drillship Secures New Contracts

July 23, 2013

Ocean Rig UDW Inc. (the “Company” or “Ocean Rig”), a global provider of offshore deepwater drilling services, announced today:

– It has signed definitive documentation with Total E&P Angola, following the previously announced Letter of Award, for its ultra deepwater drillship “Ocean Rig Skyros”. The contract is for 5 wells or a minimum of 275 days for drilling offshore West Africa, with an estimated backlog of approximately $190 million, and is expected to commence upon delivery of the drillship from the shipyard, in October 2013.

– It has received a Letter of Award for its ultra deepwater drillship “Ocean Rig Skyros”, from a major oil company. The Letter of Award is for a 6 year contract for drilling offshore West Africa, with an estimated backlog of approximately $1.3 billion. 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 previous contract before the first quarter of 2015.

As a result of this LOA, as of today, the total company’s contracted backlog (including LOAs) stands at about $6.1 billion, primarily with investment grade or strong counterparties.

Press Release, July 23, 2013