Ocean Rig Announces Receipt of Nasdaq Notice

Ocean Rig Athena

Ocean Rig, a global provider of offshore deepwater drilling services, announced it has received written notification from The Nasdaq Stock Market dated April 6, 2017, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from February 23, 2017 to April 5, 2017, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Select Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1).

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until October 3, 2017.

The Company intends to monitor the closing bid price of its common stock between now and October 3, 2017 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period.

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