Ocean Rig UDW Inc. Announces the Completion of Its Restructuring and the Occurrence of the Restructuring Effective Date - Seite 2

After the hearing held before the U.S. Bankruptcy Court on September 20, 2017, the U.S. Bankruptcy Court issued an order granting comity and giving full force and effect to the Schemes in the United States.

The figures presented below include key preliminary financial information projected and estimated as of September 30, 2017:

• Total cash of at least $690 million, including about $20 million restricted cash associated with the Ocean Rig Apollo.
• Assets (book value basis) of about $2.9 billion, including about $570 million associated with newbuilding installments and about $650 million associated with the Ocean Rig Apollo.
• Debt of about $567 million, including about $117 million associated with the Ocean Rig Apollo.
• Backlog of about $1.2 billion, including about $109 million in termination fees associated with the Ocean Rig Apollo.
• Common shares issued and outstanding after giving effect to all issuances contemplated in the Restructuring (after November 3, 2017, the date of the EGM): 91,555,982.

Restructuring Emergence Details

On September 21, 2017, the Company cancelled 22,222,222 of its treasury shares and 56,079,533 shares of the Company previously held by its subsidiary Ocean Rig Investments Inc.

On September 21, 2017, the Company effected a 1-for-9,200 reverse stock split of the then-existing shares of the Company's issued common stock. Following the reverse stock split, there were approximately 8,975 shares of the Company's stock issued and outstanding. The CUSIP number for the common stock following the reverse stock split is G66964118.

On the date hereof, which is the Restructuring Effective Date, the Company issued an aggregate of 90,651,603 common shares of the Company pursuant to the Schemes. Of this amount, 82,126,810 common shares (which together with 895,404 New Non-Marginable shares (described below) comprise 90.68% of the post-Restructuring equity of the Company), were issued to the Scheme Creditors or their nominees as part of the consideration for their claims on account of the Company's indebtedness. An additional 8,524,793 common shares were issued to a company affiliated with the Company's Chairman and Chief Executive Officer, Mr. George Economou, pursuant to the TMS Agreement described below.