New CFO appointed Ocean Rig ASA has appointed Jan Rune Steinsland as new Chief Financial Officer.

29.05.2006

Stavanger, Norway - Jan Rune Steinsland is currently CFO in Acta Holding ASA, a position he has held since 2000. From 1988 to 2000, Jan Rune Steinsland has had several management positions in Esso Norge/Exxon including Financial Analyst, Financial Reporting Manager, Vice President Accounting and Audit Advisor.

Jan Rune Steinsland has a Master of Business Administration from University of St. Gallen and is Certified European Financial Analyst (AFA) from The Norwegian Society of Financial Analysts/Norwegian School of Economics and Business Administration.

The Executive Chairman, Geir Aune said: “Jan Rune Steinsland brings valuable experience and competence to the management team of Ocean Rig. We have now established a strong and professional organization which is the key to success in our industry.”

Ocean Rig owns and operates two of the world’s largest and most modern drilling rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating offshore Angola and Norway.

NOTE: This press release contains forward-looking statements (within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended) which reflect the Company’s current views with respect to certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. The following important factors, among other, could cause actual results to differ materially from those projected or implied in any forward-looking statements: (i) the limited operations and operating history of the Company; (ii) the failure of the Bingo 9000 design to perform satisfactorily or the Company’s failure to adequately protect the proprietary nature of the Bingo 9000 design; (iii) the Company’s significant leverage or inability to generate sufficient cash-flow to meet its debt service requirements; (iv) the Company’s inability to meet any future capital requirements; (v) the Company’s inability to respond to technological changes; (vi) the impact of changed conditions in the oil and gas industry; (vii) the occurrence of any accidents involving the Company or its assets; (viii) changes in governmental regulations, particularly with respect to environmental matters; (ix) increased competition or the entry of new competitors into the Company’s markets; and (x) unforeseen occurrences in any of the areas in which the Company may conduct its operations, such as war, expropriation, nationalization, renegotiation or nullification of existing licenses or treaties, taxation and resource development policies, foreign exchange restrictions, changing political conditions and other risks relating to foreign governmental sovereignty over certain areas in which the Company will conduct operations. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements. Reference should be made to the Company’s filings with the United States Securities and Exchange Commission.

For further information, please contact Executive Chairman, Geir Aune,
tel +47 5196 9000.

Stavanger, May 29, 2006
Ocean Rig ASA

Contact Information

Geir Aune

Executive Chairman

Ocean Rig ASA

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