Ocean Rig UDW announces award of drilling contract for two newbuild drillships

On May 11th 2011 the Company announced two drilling contracts with Petróleo Brasileiro S.A. ("Petrobras") for operation offshore Brazil for two of its new built drillships, the Ocean Rig Corcovado and the Ocean Rig Mykonos.

The term of the contracts are three years each with a total combined value of USD 1,1 billion.