Ocean Rig (ORIG) Announces Underwriters Exercised Full Option for Additional Shares

Ocean Rig UDW Inc. (NASDAQ: ORIG) today announced that the underwriters of the previously announced public offering of Ocean Rig common shares by DryShips Inc. (NASDAQ: DRYS) have exercised in full their option to purchase an additional 1,500,000 common shares at a price to the public of $16.25 per share. With this exercise, the public offering totals 11,500,000 shares with total gross proceeds to DryShips Inc. as the selling shareholder, excluding underwriting discounts and commissions, of $186,875,000. Companies affiliated with our Chairman and Chief Executive Officer have agreed to purchase a total of 2,185,000 common shares from DryShips Inc. at the public offering price.

The offering is expected to close on April 17, 2012.

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