Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, today announced that creditors (the "Supporting Creditors") representing over 75\% of the financial creditors of the Company and over 75\% of the financial creditors of each of Drillships Ocean Ventures Inc. (“DOV”) and Drillships Financing Holding Inc. (“DFH”) have signed or acceded to the restructuring support agreement (the "RSA") dated March 23, 2017 pursuant to which the creditors have agreed to support and vote in favor of the financial restructuring.

As previously announced, the financial restructuring will be implemented by four separate but interconnected schemes of arrangement under Cayman Islands law (the “Company Scheme,” the “DRH Scheme,” the “DFH Scheme,” the “DOV Scheme” and collectively, the “Schemes”). All but the DRH Scheme are inter-conditional, which means that court sanction of the DRH Scheme is not required for the other Schemes to become effective.  In order for any Scheme to be sanctioned, at least 75\% in value and a majority in number of the holders of the claims present and voting at a meeting of creditors must vote to approve the Scheme.

The Company therefore has sufficient support from Supporting Creditors in order to implement the restructuring of the Company, DOV and DFH as contemplated by the terms of the RSA.

Creditors are reminded that:

(i) holders of DRH's senior secured notes who agree to be bound to the terms of RSA in the manner specified therein by no later than 5:00 pm (New York time) on April 11, 2017 shall be entitled to a pro rata share (allocated in accordance with the amount of the senior secured notes held by each consenting holder) of an early consent fee of $2.5 million; and

(ii) lenders under DFH's $1.9 billion credit facility and DOV's $1.3 billion credit facility lenders who agree to be bound to the terms of RSA in the manner specified therein by no later than 5:00 pm (New York time) on April 11, 2017 shall be entitled to a pro rata share (allocated in accordance with the amount of the loans held under the DFH and DOV credit facilities by such each consenting DFH lender and DOV lender) of an early consent fee of $30 million.

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 ultradeepwater
and harsh-environment segment of the offshore drilling industry.

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

Our registered office is c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

Visit the Company’s website at www.oceanrig.com.