Ocean Rig Receives Notice of Breach of Material Obligations on the Eirik Raude

Ocean Rig

Ocean Rig UDW Inc. (NASDAQ: ORIG), a global provider of offshore deepwater drilling services, announced today that on January 31, 2016, it has received a notice of breach of material obligations from Premier Oil under the drilling contract for the Eirik Raude.

Ocean Rig is evaluating the contents of this notice and its options under the contract.

About Ocean Rig UDW Inc.

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 13 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships, 1 of which is scheduled to be delivered to the Company during 2017, 1 of which is scheduled to be delivered during 2018 and 1 of which is scheduled to be delivered during 2019.

Ocean Rig’s common stock is listed on the NASDAQ Global Select Market where it trades under the symbol “ORIG”.

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