Ocean Rig UDW Inc. Announces Extension of DRH Early Consent Deadline

GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Apr 21, 2017) - Ocean Rig UDW Inc. (NASDAQ: ORIG) (the "Company" or "Ocean Rig"), a global provider of offshore deepwater drilling services, today announced that it has agreed to extend the term of the early consent deadline under the restructuring support agreement dated March 23, 2017 (the "RSA") for holders of the senior secured notes (the "SSNs") issued by the Company's direct subsidiary, Drill Rigs Holdings Inc. ("DRH"), to accede to the RSA and receive a pro rata portion of the DRH early consent fee of $2.5 million. The DRH early consent fee deadline has been extended from April 21, 2017 to 5:00 pm (New York time) on April 25, 2017. As previously announced, the Company has engaged Fearnley Securities AS (the "SSN Advisor") to solicit support for the scheme of arrangement contemplated by DRH. Extension of the DRH early consent deadline will allow holders of the SSNs additional time to consider entering into the RSA and to participate in the early consent fee.

As a result, holders of the SSNs who agree to be bound to the terms of the RSA in the manner specified therein by no later than 5:00 pm (New York time) on April 25, 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.

Additional Information

Ocean Rig has retained Prime Clerk LLC as the Information Agent for the purposes of the Restructuring. Copies of the RSA and further information on the Ocean Rig group can be obtained from Prime Clerk LLC:

Email:
[e-mail]

Telephone:
[phone] (United States and Canada toll-free)
[phone] (international)

Mailing Address:
Ocean Rig Processing
c/o Prime Clerk LLC
830 Third Avenue, 3rd Floor
New York, NY 10022

In the course of negotiating the RSA, the Company and its advisors made available certain information regarding its business plan and financial restructuring proposal to its creditors. The Company has made a copy of this presentation available on its website at www.ocean-rig.com under the Investor Relations section.

Joint provisional liquidators (the "JPLs") were appointed in relation to each of the Company, its subsidiaries Drillships Finaincing Holding Inc., Drillships Ocean Ventures Inc. and DRH on March 27, 2017. Contact details for the JPLs are as follows: