Ocean Rig UDW Inc. Announces the Completion of Its Restructuring and the Occurrence of the Restructuring Effective Date

GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Sep 22, 2017) -  Ocean Rig UDW Inc. (NASDAQ: ORIG)

• Restructuring Effective Date has occurred.
• Details of Reverse Stock Split and details of Share Capital announced.
• All Restructuring Documents including the New Credit Facility, the Management Services Agreement and the Governance Agreements become effective.
• The Company's previously announced Extraordinary General Meeting of Shareholders ("UDW EGM") to take place on November 3, 2017.
• Shareholder Scheme Creditors representing at least two-thirds of the shares that will be entitled to vote at the UDW EGM have granted proxies to vote in favor of adopting the New UDW Articles at the UDW EGM.
• Company's Amended and Restated Rights Agreement ("Poison Pill") terminated.

Ocean Rig UDW Inc. (NASDAQ: ORIG) ("Ocean Rig" or "UDW" or the "Company") an international contractor of offshore deepwater drilling services, today announced that the Scheme Conditions under the schemes of arrangement (the "Schemes") in respect of each of the Company and Drillships Financing Holding Inc. ("DFH"), Drill Rigs Holdings Inc. ("DRH") and Drillships Ocean Ventures Inc. ("DOV") (each in provisional liquidation) (each a "Scheme Company" and together, the "Scheme Companies") have been satisfied (or waived) in accordance with the terms of the relevant Scheme, the Restructuring Effective Date has occurred and the Company has completed its restructuring (the "Restructuring").

The Restructuring of each Scheme Company was effected by way of the Schemes under Cayman Islands law. The Schemes provided for substantial deleveraging of the Scheme Companies through an exchange of approximately $3.7 billion principal amount of debt (plus accrued interest) for new equity of the Company, as described below, approximately $288 million in cash and $450 million of new secured debt. The creditors of the Scheme Companies (the "Scheme Creditors") who submitted a validly completed Account Holder Letter and/or Lender Claim Form together with a valid Confirmation Form to the Information Agent by 5:00 p.m. (Cayman Islands time) on September 13, 2017, have received or are in the process of receiving the scheme consideration to which they are entitled (other than Scheme Creditors which elected to receive New Non-Marginable Shares as described below).