OCEAN RIG UDW INC. ANNOUNCES MANAGEMENT CHANGE

10/3/2012 9:01 AM EST

Nicosia, Cyprus - October 3, 2012 - Ocean Rig UDW Inc. 
(NASDAQ: ORIG) (the "Company" or "Ocean Rig"), a 
global provider of offshore deepwater drilling 
services, today announced that Pankaj Khanna, Chief 
Marketing Officer, will be stepping down from his 
position, effective October 2, 2012, to pursue other 
interests. His duties will be absorbed by the existing 
management team.

George Economou, Chairman and Chief Executive Officer 
of the Company commented: "It was a pleasure working 
with Pankaj, and we wish him well in his future 
endeavors." 

Forward-Looking Statements

Matters discussed in this release may constitute 
forward-looking statements. Forward-looking statements 
relate to Ocean Rig's expectations, beliefs, 
intentions or strategies regarding the future. These 
statements may be identified by the use of words like 
"anticipate," "believe," "estimate," "expect," 
"intend," "may," "plan," "project," "should," "seek," 
and similar expressions. Forward-looking statements 
reflect Ocean Rig's current views and assumptions with 
respect to future events and are subject to risks and 
uncertainties. 

The forward-looking statements in this release are 
based upon various assumptions, may of which are 
based, in turn, upon further assumptions, including 
without limitation, management's examination of 
historical operating trends, data contained in Ocean 
Rig's records and other data available from third 
parties. Although Ocean Rig believes that these 
assumptions were reasonable when made, because these 
assumptions are inherently subject to significant 
uncertainties and contingencies which are difficult or 
impossible to predict and are beyond Ocean Rig's 
control, Ocean Rig cannot assure you that it will 
achieve or accomplish these expectations, beliefs or 
projections described in the forward-looking 
statements contained herein. Actual and future results 
and trends could differ materially from those set 
forth in such statements. 

Important factors that, in Ocean Rig's view, could 
cause actual results to differ materially from those 
discussed in the forward-looking statements include 
(i) factors related to the offshore drilling market, 
including supply and demand, utilization, day rates 
and customer drilling programs; (ii);hazards inherent 
in the drilling industry and marine operations causing 
personal injury or loss of life, severe damage to or 
destruction of property and equipment, pollution or 
environmental damage, claims by third parties or 
customers and suspension of operations; (iii) changes 
in laws and governmental regulations, particularly 
with respect to environmental matters; (iv) the 
availability of competing offshore drilling vessels; 
(v) political and other uncertainties, including risks 
of terrorist acts, war and civil disturbances; piracy; 
significant governmental influence over many aspects 
of local economies, seizure; nationalization or 
expropriation of property or equipment; repudiation, 
nullification, modification or renegotiation of 
contracts; limitations on insurance coverage, such as 
war risk coverage, in certain areas; political unrest; 
foreign and U.S. monetary policy and foreign currency 
fluctuations and devaluations; the inability to 
repatriate income or capital; complications associated 
with repairing and replacing equipment in remote 
locations; import-export quotas, wage and price 
controls imposition of trade barriers; regulatory or 
financial requirements to comply with foreign 
bureaucratic actions; changing taxation policies; and 
other forms of government regulation and economic 
conditions that are beyond our control; (vi) the 
performance of our rigs; (vii) our ability to procure 
or have access to financing and comply with our loan 
covenants; (viii) our ability to successfully employ 
our drilling units; (ix) our capital expenditures, 
including the timing and cost of completion of capital 
projects; and (x) our revenues and expenses. Due to 
such uncertainties and risks, investors are cautioned 
not to place undue reliance upon such forward-looking 
statements. 

Contact: 

Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: