Ocean Rig

Non-Deal Roadshow

London, UK

January 23-24, 2018

Forward Looking StatementsMatters discussed in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Private SecuritiesLitigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about theirbusiness. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement inconnection with such safe harbor legislation.

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 currentviews and assumptions with respect to future events and are subject to risks and uncertainties.

The forward-looking statements in this presentation are based upon various assumptions, many 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 thatthese assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossibleto 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 theforward- 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 factors related to (i) theoffshore drilling market, including supply and demand, utilization, day rates and customer drilling programs, commodity prices, effects of new rigs and drillships on the market andeffects of declines in oil and gas prices and downturns in the global economy and the market outlook for our various geographical operating sectors and classes of rigs anddrillships; (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) newbuildings, upgrades, and shipyard and other capital projects; (iv)changes in laws and governmental regulations, particularly with respect to environmental matters; (v) the availability of competing offshore drilling vessels; (vi) political and otheruncertainties, including risks of terrorist acts, war and civil disturbances; piracy; significant governmental influence over many aspects of local economies, seizure; nationalizationor expropriation of property or equipment; repudiation, nullification, modification or renegotiation of contracts; limitations on insurance coverage, such as war risk coverage, incertain areas; political unrest; foreign and U.S. monetary policy and foreign currency fluctuations and devaluations; the inability to repatriate income or capital; complicationsassociated with repairing and replacing equipment in remote locations; import-export quotas, wage and price controls imposition of trade barriers; regulatory or financialrequirements to comply with foreign bureaucratic actions; changing taxation policies; and other forms of government regulation and economic conditions that are beyond ourcontrol; (vii) the performance of our rigs; (viii) our new capital structure; (ix) our ability to procure or have access to financing and access to financing and our ability to complywith covenants in documents governing our debt; (x) our substantial leverage, including our ability to generate sufficient cash flow to service our existing debt and the incurrenceof substantial indebtedness in the future; (xi) our ability to successfully employ our drilling units, our customer contracts, including contract backlog, contract commencements andcontract terminations; (xii) our capital expenditures, including the timing and cost of completion of capital projects; (xiii) our revenues and expenses; (xiv) complicationsassociated with repairing and replacing equipment in remote locations; and (xv) regulatory or financial requirements to comply with foreign bureaucratic actions, includingpotential limitations on drilling activities; (xvi) any litigation or adverse actions that may arise from our recently completed financial restructuring. Due to such uncertainties andrisks, investors are cautioned not to place undue reliance upon such forward-looking statements.

We caution you not to place undue reliance on these forward-looking statements. Except as required by law, we expressly disclaim any obligation to update and revise anyforward looking statements to reflect changes in assumptions, the occurrence of unanticipated events, changes in future operating results over time or otherwise and we do notintend to do so.

Risks and uncertainties are further described in reports of Ocean Rig UDW Inc. filed with or submitted to the U.S. Securities and Exchange Commission, including the Company’smost recently filed Annual Report on Form 20-F.

2

3

4th Largest Driller by Market Cap & by No.

of UDW Rigs • Pure-play in the UDW with 4th largest fleet and also the 4th largest by market capitalization

✓

Best in Class Balance Sheet

• Negative Net Debt• > $750 million of cash• ~$1 billion in backlog

✓

Governance• Majority Independent Board• Three independent directors selected by major outside shareholders approve all major actions

✓

Premier Drillships

• 6G / 7G rigs built at Samsung Heavy Industries, up to 10-12K ft. water depth / 40K ft. drilling depth capability, dual

derricks increase drilling activity/efficiency• Inactive rigs kept in top condition, stacking procedures verified by 3rd party

✓

Unique Harsh-Spec Semisubmersibles

• Built at Dalian/Friede Goldman Irving, up to 7.5-10K ft. water depth / 30K ft. drilling depth capability• Leiv Eiriksson moored and winterized for operations in extreme climates; compliant with UK and Norway regulations

✓

Option Value of Newbuilds

• Two new 7G / 7G+ drillships under construction at Samsung • Restructuring removed Ocean Rig’s contractual / financial obligation to take rigs – no recourse• Attractive financing from the shipyard

✓

Proven track record• Have drilled over 400 deep and ultra-deepwater wells• Focused on safety, efficiency and cost control

✓

Key Opportunity Highlights

One of the Largest Pure-Play Modern Deepwater Drillers

Offshore Drillers by number of units (Floaters)(1)

(1) Excludes all NB contracts, and 4th Gen and below.

Source: IHS Petrodata.

38

26

19

1110

87 7

0

5

10

15

20

25

30

35

40

# o

f u

nits

Offshore Drillers by Market Capitalization

Source: Bloomberg (closing price as of 17-Jan-2018)

4

4.5

3.1

2.72.6

2.1

1.3

1.0

0.6

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

($b

n)

High Quality Assets with Superior TechnologyHarsh Environment UDW Semis

Leiv Eiriksson Eirik Raude

5th generation Semisubmersibles

Sister Drillships provide Benefits from Standardization

Ocean Rig Mylos

Ocean Rig Skyros

Ocean Rig Athena

Ocean Rig Apollo

Four 7th generation DrillshipsFive 6th generation Drillships

Ocean Rig Olympia

Ocean Rig Mykonos

Ocean Rig Corcovado

Ocean Rig Poseidon

Ocean Rig Paros

Ocean Rig Santorini

Ocean Rig Crete

Potential Optional Value

Two 7th/7th+ generation NB Drillships

Built at Dalian/Friede Goldman Irving – Bingo 9000 design

Up to 7,500-10,000 ft. water depth capacity

Up to 30,000 ft. drilling depth capacity

Moored units and winterized for operations in extreme climates

Compliant with UK and Norway regulations

Current contractual Delivery in June 2018 and January 2019 at

SHI

Delivery installments with Builder’s Credit at favorable terms

No parent company guarantee from Ocean Rig UDW Inc.

Ocean Rig Crete enhanced integrated design

Ocean Rig Santorini sistership to Mylos, Skyros, Athena, Apollo

Sister Drillships with common equipment, spare parts and training standards

Up to 40,000 ft. drilling depth capability with 6 and 7 ram BOPs

Up to 10,000-12,000 ft. water depth capability

Built at Samsung Heavy Industries

Accommodations for up to 215 personnel on board

Dual derricks for increased drilling activity/efficiency

Ocean Rig Mylos equipped with dual BOP

Ocean Rig Corcovado & Ocean Rig Mykonos MPD Ready

Inactive rigs kept in top condition, stacking procedures verified by 3rd

party

2xBOPs

each

5

Elliott Management Corp. 20.4%

BlueMountain Capital Management LLC 10.9%

Prime Cap Shipping Inc. (George Economou) 9.4%

Canyon Capital Advisors LLC 8.4%

Avenue Capital Management II LP 7.6%

Top 5 equity owners 56.7%

Selected by

major

outside

shareholders

to approve

all major

actions

On September 22, 2017, the Company successfully completed its restructuring of approximately $3.7 billion of principal debt in exchange for cash, debt and new equity

Financial Summary (as of 9/30/2017) Governance

Post-Restructuring Ownership(1)

• Cash: $695m

− Excluding $48m restricted cash associated with Ocean Rig Apollo

• Estimated backlog: $1.0bn

− Excluding ~$81m in termination fees associated with Ocean Rig Apollo

• Debt: $567m

− Exit term loan: $450m

− Interest rate: 8.0%, per annum, fixed

− Maturity: September 20, 2024

− Secured by first priority liens on substantially all existing and future assets of Ocean Rig

− Ocean Rig Apollo currently excluded but joins the collateral group upon Jun. 2018 facility pay down

− CoC put at 101%

− Voluntary prepayment schedule:

− 100% through Mar. 2018

− 105% through Mar. 2019

− 103% through Mar. 2020

− 101% through Mar. 2021 and 100% thereafter

− $117m associated with the Ocean Rig Apollo

− Interest rate: LIBOR + 210bps

− Cash sweep on Apollo ring-fenced termination payments to pay facility down by Jun. 2018

− Non-recourse to Ocean Rig

Board of seven directors – four directors were appointed by Mr. Economou and three were appointed by major outside shareholders

BoD Name AgeYears of

Experience

Chairman George Economou 65 44

Executive Vice Chairman

Anthony Kandylidis 41 16

CFO, Secretary and Director

Iraklis Sbarounis 33 10

Director Prof. John Liveris 66 39

Director John Simon 64 41

Director Karl Blanchard 59 36

Director Jim Devine 60 38

(1) Per Registration Statement on Form F-1, filed with the SEC on October 10, 2017.

Restructuring Overview

6

Best-in-Class Balance Sheet

0

200

400

600

Remaining 2017 2018 2019 2020 2021 2022 2023 2024

$m

Term Loan

▪ Debt repayment profile

No debt repayment until Term Loan maturity in 2024

Apollo expected to be debt free by mid 2018

0

50

100

Remaining 2017 2018 2019

Apollo Debt Facility

Apollo Debt Facility is ring fenced and served exclusively from TOTAL termination payments

(1) As of November 10, 2017.

As of September 30, 2017Ocean Rig (excl.

Apollo)Apollo Total

Cash ($m) 695 48 743

Net Book Value of Fleet ($bn) 1.7 0.2 1.9

Debt ($m) 450 117 567

Backlog ($bn)(1) 1.0 0.1 1.1

7

40% 41%

61% 61%67%

ORIG RDC DO RIG ESV NE

Best-in-Class Balance Sheet (cont’d)

8

Note: Company balance sheet data as of September 30, 2017, backlog (excluding termination payments associated with Ocean Rig Apollo) as of

November 10, 2017, and last quarter annualized adjusted EBITDA for the three months ended September 30, 2017.

Peers include DO, ESV, NE, RDC and RIG.

RIG presented pro forma for acquisition of Songa announced August 15, 2017.

Source: Company SEC filings and FactSet as of December 20, 2017.

Net Debt Backlog / Debt

Debt / LQA Adjusted EBITDANet Debt / EV

($129)

$1,202 $1,695

$3,436 $3,793

$6,996

ORIG RDC DO NE ESV RIG

178%

136% 133%

79%67%

29%

ORIG RIG DO NE ESV RDC

NM

1.2x

3.4x

5.6x6.3x

8.2x

10.5x

ORIG DO RIG RDC ESV NE

Strong Operational Performance & Significant Cost

Reductions Running costs of Operating Rigs only G&A

TRIR (12 month rolling)(1) Revenue Efficiency(2)

(1) TRIR means, with respect to the Company, the total recordable incident rate: calculated as an amount equal to: (a) the product of (i) the number of

recordable incidents (restricted work case, medical treatment case, lost time accident, or fatality) multiplied by (ii) 200,000, divided by (b) total working

hours.

(2) Revenue efficiency calculated based on revenue earning days over available contracted drilling days (i.e. calendar days net of mobilization, acceptance

testing, uncontracted/idle and drydock days).

# of Op. Rigs: 9 10 6 5 # of Rigs: 9 10 11 11

0.49

0.42

0.22

0.32

0

0.1

0.2

0.3

0.4

0.5

0.6

2014 2015 2016 9M2017

186

148

117 119

0

50

100

150

200

2014 2015 2016 9M 2017

('000 U

SD

/da

y)

95.4% 97.4% 96.4% 97.3%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2014 2015 2016 9M 2017

41

28 27

15

0

5

10

15

20

25

30

35

40

45

2014 2015 2016 9M2017

'000 U

SD

/da

y)

9

Meaningful Backlog with Reliable Counterparties

10

Drilling Unit Type BuiltCurrent

Operator

Rem 2017 2018

N D J F M A M J J A S O N D

Leiv Eiriksson(4) Semi‐Sub 2001 Lundin $147k/day

Ocean Rig Corcovado Drillship 2011 Petrobras $495k/day(5)

Ocean Rig Poseidon Drillship 2011 Statoil $170k/day

Ocean Rig Mykonos Drillship 2011 Petrobras $495k/day(5)

Ocean Rig Skyros Drillship 2013 Total $581k/day(6)

Ocean Rig participated in 49 RFIs and 27 Tenders during 2017

Note: The Eirik Raude, Ocean Rig Olympia, Ocean Rig Mylos, Ocean Rig Athena, Ocean Rig Paros, and Ocean Rig Apollo are actively marketed and available for drilling.

(1) Excludes termination payments associated with the Ocean Rig Apollo.

(2) As of November 10, 2017.

(3) Assuming Lundin does not exercise its optional wells.

(4) Yard stay assumed if optional wells are declared.

(5) Based on FX rate assumptions.

(6) Current applicable dayrate.

Contract

expires in

Q3 2021

Total Backlog of $1.0 billion(1)(2)(3)

• On October 13, 2017 Ocean Rig announced that Lundin Norway AS (“Lundin”) exercised their

fifth option to extend the contract that results in the Leiv Eiriksson being employed up to March

2018. Ocean Rig has granted Lundin 2 additional options to drill further wells in the future.

Should Lundin exercise its remaining seven one-well options, the rig could be employed until

the middle of 2019

• On October 13, 2017 Ocean Rig announced that the Company has signed a new drilling

contract with Statoil, for a one-well drilling program offshore Tanzania. The contract is expected

to commence in Q1 2018, and be performed by the Ocean Rig Poseidon

Operational

Optional Wells

Yard Stay

Ready to Drill

Rigs Kept in Top Condition

11

Asset Optimization – Improved performance,

reliability and safety, reduced cost of

ownership

Ocean Rig – Frontrunner in the industry

• Rolls Royce Thruster Monitoring System

(2012)

• NOV Drilling Equipment Monitoring (2014)

• NOV BOP Monitoring and function logger

(2014)

“ADC consider that the cold stacked

preservation methods employed by Ocean

Rig on its drillships to be fit for purpose and

have given the rigs equipment every

opportunity for a successful reactivation

when the time comes. This conclusion was

based upon the visual inspections of the

current equipment condition and the

documented preservation philosophies by

Ocean Rig, OEMs and Corroless the 3rd party

preservation specialists.”

- Report Issued on October 24th, 2017

5 rigs at Elefsis Bay anchorage,

Greece

1 rig at Astakos quayside,

Greece

• Sheltered locations

• Mooring analysis approved

by BV certified surveyors

• Low humidity environment

• Easy access from operations

head office, for following up

on maintenance

routines/preservation

Key Initiatives – Online Condition Monitoring Systems

Rig Stacking Procedure Verified by 3rd Party

Overview of SHI Newbuilding Options – Current Status

12

Contract #1

Ocean Rig Santorini – H2109

(7th gen)

Contract #2

Ocean Rig Crete – H2119

(7th gen+)

Pre-delivery installment$35.0m

(31-Jan-2018)

$32.5m

(30-Jun-2018)

Contractual Delivery Date 30-Jun-2018 31-Jan-2019

Delivery Installment$350.4m

(Builder’s Credit)

$520.2m

(Builder’s Credit)

“Ready-to-drill” costs estimated at approximately $60-100m per rig for supervision / OFEs /

commissioning / mobilization / client upgrades

Total Delivered Cost Estimate

(incl. ready-to-drill costs)$465.4m* $632.7m*

Equity required to ready-to-

drill state$115.0m* $112.5m*

* ready-to-drill costs assumed at $80m for illustration

All newbuilding contracts and Builder’s Credit facilities are non-recourse to Ocean

Rig UDW Inc.

❖ Contract #3 or Ocean Rig Amorgos (H2120) cancelled, unless Ocean Rig decides to bring

the contract back into effect, by 11 Feb 2018. As remaining installments currently stand at

$616.4m, we do not plan to exercise the option to bring the contract back into effect.

Closing Remarks

• Major international deepwater contractor with modern assets and exposure to harsh environment

― Fleet of 9(1) modern (6th and 7th generation) UDW drillships and 2 UDW harsh environment semi-

submersible rigs

― Stacked assets are well preserved and maintained, as verified by 3rd party inspection

― Strong relationships with customers

― Proven track record of efficiency, drilling performance, cost control and safety

• BEST IN CLASS BALANCE SHEET

― Negative net debt with no amortization due for the next 7 years(2) (maturity of $450m term loan in

Q3 2024)

― Ample liquidity supported by cash balance of $0.7 billion(3)

― Significant contracted cash flow with $1.0 billion backlog(4)

• Transparent corporate governance

― Majority independent board, with all major actions approved by three independent directors

selected by the major outside shareholders

(1) Excludes newbuildings.(2) Excluding ring-fenced Ocean Rig Apollo debt.(3) Excluding cash associated with the Ocean Rig Apollo.(4) Backlog, excluding termination payments associated with the Ocean Rig Apollo. As of November 10, 2017.

In prime position to benefit from recovery in the offshore drilling market,

whenever this occurs

13

Implied Net Value per High Spec UDW Floater

14

Source: Fearnley Securities

516

449

350 345331

318

264253

0

100

200

300

400

500

600

NODL DO ODL NE RIG ESV RDC ORIG

in U

SD

m

Market Update

Conditions are Ripe for a Turnaround

16

Source: Clarksons Platou Securities AS

Low activity led to severe deflation but lower breakevens: 58% of offshore is breakeven <$50

Breakevens of undeveloped offshore liquids (P50)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

5

10

15

20

25

Cu

mu

lative

% o

f to

tal P

50 r

eso

urc

es

Re

sou

rce

s P

50 (

bill

ion

bb

ls)

Resources Cumulative %

Average spending per offshore project per year

0

50

100

150

200

250

300

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

USD

m

Shelf (to 400 ft) Deep water (400+ ft)

Cash Flow Situation Key E&P Companies

17

Source: SB1 Markets Research

Note 1: Group consisting of Anadarko, BP, Chevron, ConocoPhillips, ENI, ExxonMobil, Repsol, Shell, Statoil, Total

Floater Supply/Demand

18

Source: Clarksons Platou Securities AS

Floaters Demand/Supply and Fleet Utilization (Base) – 1996 – 2020E Floaters Supply/Demand Bridge to 2020

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

50

100

150

200

250

300

Flo

ate

r fle

et

utiliz

atio

n

# o

f flo

ate

rs

Total floater demand Floater fleet utilization

135

71

1 44

5

220

12

42

166

0

50

100

150

200

250

# o

f flo

atin

g d

rilli

ng

un

its

Floating Rigs Awarded

19

Source: DNB Market and ODS

Floating Rigs Years awarded (per rig year) Floating Rigs Contracts awarded (Number of contracts)

Tender activity is increasing but shorter program awarded => First sign of recovery

Brazil – 25 Rigs in 2019 but not there yet

20

Source: DNB Market and ODS

BRAZIL RIG COUNT

Dual activity Rigs + MPD + Presence/Experience in Brazil will be key in the next 2 years

-

5

10

15

20

25

30

35

40

Petrobras contracted rigs Petrobras new requirements Libra development Future visible IOC demand

Norway Overview

21

Source: DNB Market and ODS

Floater Utilization Floater dayrates

Focus on Efficiency to reduce Flat time

Appendix

Management Biographies

23

Pankaj KhannaPresident and

Chief Executive

Officer

Mr. Khanna was appointed as President and Chief Executive Officer of Ocean Rig UDW Inc. effective January 1, 2018.

Mr. Khanna has 29 years of varied experience in the maritime & offshore industry. He last served as Chief Executive

Officer of Pioneer Marine Inc, a drybulk company that he founded in 2013. Prior to his position at Pioneer Marine Inc.,

Mr. Khanna served as Chief Marketing Officer at Ocean Rig UDW Inc. from January 1, 2012 to October 2, 2012. Mr.

Khanna served as the Chief Operating Officer of DryShips, Inc. from March 2009 to October 2, 2012. Prior to joining

DryShips, he served in C-Suite roles at Excel Maritime Carriers Ltd and Alba Maritime Services S.A. He has also served

as Vice President of Strategic Development at Teekay Corporation, from 2001 to 2007. Prior to this, he served as a

Senior Analyst at SSY Shipbrokers and worked on cargo ships as a deck officer. Mr. Khanna graduated from Blackpool

and the Fylde College, Fleetwood Nautical Campus and also received a postgraduate diploma in International Trade

and Transport from London Metropolitan University.

Iraklis SbarounisChief Financial

Officer, Secretary

and Director

Mr. Sbarounis was appointed Chief Financial Officer effective January 1, 2018 and also serves as Secretary of the

Company from February 3, 2017 and a director from November 2017. Mr. Sbarounis has also served as Vice President

Business Development of the Company from December 2016 until December 2017. Prior to that he held the position of

Business Development Director. Prior to joining Ocean Rig, Mr. Sbarounis held various positions with shipping entities

controlled by Mr. George Economou, dealing with commercial, investment, and corporate finance matters, in the

shipping and offshore sectors. He started his career in investment banking with BNP Paribas. Mr Sbarounis holds a B.S.

degree in Management Science from the Massachusetts Institute of Technology (MIT) and a M.Sc. degree in Finance

and Economics from the London School of Economics and Political Science (LSE).

David CusiterChief Operations

Officer

Mr. Cusiter was appointed Chief Operations Officer effective November 25, 2017. Mr. Cusiter has been in the offshore

industry for 28 years. He joined Ocean Rig in 1996 as Chief Engineer and took over the positions of Technical Section

Leader, Technical Superintendent, Project Manager, Project & Engineering Manager, Technical Manager, VP Technical,

VP Engineering & Projects, VP New Buildings & Special Projects. Mr. Cusiter holds a Higher National Diploma (HND) in

Marine Engineering (Glasgow Nautical College).

Josselin GereVice President

Marketing and

Contracts

Mr. Gere serves as Vice President Marketing and Contracts since October 2015. He joined Ocean Rig in 2012 as

Marketing and Contracts Director. Prior to joining Ocean Rig, Mr. Gere served for more than 10 years in various positions

at Total Upsteam in many countries in Africa, Europe and Asia. Mr. Gere started his career with PwC in Luxembourg

before moving to contract negotiation with Air Liquide in Switzerland. Mr. Gere holds a MBA from TRIUM (LSE, NYU, HEC)

and a MSc in Management.

Directors Appointed by Major Outside Shareholders

24

John SimonDirector

John Simon is a senior oil and gas industry executive with over 40 years of experience across a broad spectrum of onshore and offshore E&P positions. He currently

serves on the board and is the chair of the risk committee of Nine Point Energy, where he started in March 2017. Mr. Simon was previously Chief Executive Officer at

Bennu Oil and Gas from July 2013 to November 2016. While at Bennu, Mr. Simon supervised the company’s capital raising and acquisition of assets out of the ATP Oil &

Gas bankruptcy in 2013, developed forward business strategy and plans, and led Bennu through its bankruptcy filing through proactive engagement with financial

and legal advisors in response to the dramatic decline in oil prices.

John also served in several roles at Hess from June 1989 to April 2013, most recently as the SVP of Global E&P Services. He led an aggressive Bakken activity ramp-up

and acquisition strategy and worked as the project executive over significant Hess projects, including the $1.8bn Okume Complex development in Equatorial Guinea

and over Hess’ first deepwater Gulf of Mexico developments. Mr. Simon began his career at Tenneco Oil in 1977, where he served as an engineer in a variety of

technical, geographical and supervisory assignments which developed fundamental technical, leadership, and business acumen.

Mr. Simon holds a Bachelor of Science degree in mechanical engineering summa cum laude from Texas A&M University-Kingsville.

Karl BlanchardDirector

Karl Blanchard is the Executive Vice President and Chief Operating Officer of Weatherford. He assumed this position in August 2017. in his role at Weatherford, Karl

utilizes his depth of experience to oversee all region and product line operations, QHSSE, sales, engineering, R&D, and supply chain.

Mr. Blanchard brings with him a career of significant achievement and valuable insight gained from more than 35 years in the oil and gas service industry. He served

as Chief Operating Officer for Seventy Seven Energy where he was responsible for the drilling, hydraulic fracturing, and rental tool business units, as well as key

support functions. As part of Seventy Seven energy’s leadership team, he successfully transitioned the company into a stand-alone publicly traded company,

executed cost management initiatives, and implemented a structured process focused on developing in-house leadership talent. These accomplishments resulted in

Seventy Seven’s successful merger with Patterson-UTI, creating the second largest land driller and top five pressure pumping company in the United States.

Prior to Seventy Seven Energy, Mr. Blanchard spent more than 30 years at Halliburton throughout which he was responsible for a significant portion of the company’s

flagship product service lines, including production enhancement, the number one provider of hydraulic fracturing services globally; cementing, the number one

provider of cementing services in the industry; and testing and subsea which was successfully established as a strategic product line within the Halliburton portfolio.

He also served as Country Vice President of Halliburton Indonesia.

Mr. Blanchard has a Bachelor of Science degree in engineering from Texas A&M University and is a member of the Society of Petroleum Engineers.

Jim DevineDirector

Jim Devine serves and has served on various boards in the UK, Europe, Australia the USA. He is currently involved with several companies in the investment

management, commodities and information technology sectors. Previous board roles have included director and chairman of Horizon Offshore, Inc., a publicly

quoted US offshore construction group, from 1999 to 2003, director and executive chairman of Grant Geophysical Inc., a US based geotechnical company with

worldwide operations from 2000 until its sale to Geokinetics Inc in 2006, and various other non-executive and executive directorships representing private equity

interests in several sectors.

A lawyer by training, Mr. Devine has previously been a commercial consultant to the oil and gas industry specializing in offshore construction, drilling, shipbuilding and

project financing. In this capacity he has been heavily involved in numerous very large drill rig, FPSO, FSO, pipeline and turnkey field development projects in the US,

Brazil, Korea , Australia and the North Sea from deal structure through financing to construction execution and delivery.

Prior to that he served as Corporate Vice President and General Counsel of Colflexip Stena Offshore Group, S.A. in Paris from 1994 to 1996 , as Group Legal Director

and board member of Stena Offshore limited in Aberdeen from 1990 to 1994 and as an in-house legal Counsel for Halliburton Inc from 1985 to 1990 also in Aberdeen.

Balance Sheet

25

December 31,

2016

S eptember 30,

2017

AS S E T S

CUR R E NT AS S E T S :

Cas h and cas h equivalents 718,684$ 695,774$

Res tricted cas h 34,274 47,356

T rade accounts receivable, net of allowance for doubtful receivables of $22,368 and $25,151 as at December 31,

2016 and S eptember 30, 2017, res pectively 297,059 132,848

Other current as s ets 29,924 22,609

T otal current assets 1,079,941 898,587

F IXE D AS S E T S , NE T :

Advances for drilling units under cons truction and related cos ts 545,469 -

Drilling units , machinery and equipment, net 2,438,292 1,877,537

T otal fixed assets, net 2,983,761 1,877,537

OT HE R NON-CUR R E NT AS S E T S :

Res tricted cas h 20,008 -

Other non-current as s ets 7,834 9,454

T otal non-current assets, net 27,842 9,454

T otal assets 4,091,544$ 2,785,578$

L IAB IL IT IE S AND S T OCKHOL DE R S ' E QUIT Y

CUR R E NT L IAB IL IT IE S :

Current portion of long-term debt, net of deferred financing cos ts 640,557$ 117,063$

Due to related parties \ 7,231 295

Accounts payable and other current liabilities 53,891 34,375

Accrued liabilities 86,750 30,649

Deferred revenue 23,582 12,399

T otal current liabilities 812,011 194,781

NON-CUR R E NT L IAB IL IT IE S :

Long term debt, net of current portion and deferred financing cos ts 3,247,216 450,000

Deferred revenue 19,615 15,704

Other non-current liabilities 1,952 1,799

T otal non-current liabilities 3,268,783 467,503

COMMIT ME NT S AND CONT INGE NCIE S - -

S T OCKHOL DE R S ' E QUIT Y:

Preferred s tock, $0.01 par value; 500,000,000 s hares authorized at December 31, 2016 and at S eptember 30,

2017, nil is s ued and outs tanding at December 31, 2016 and S eptember 30, 2017, res pectively - -

Common s tock, $0.01 par value; 1,000,000,000 and 1,000,000,000,000 s hares authorized, at December 31, 2016

and S eptember 30, 2017 res pectively, 17,486 s hares (160,888,606 s hares before the 1-for-9,200 revers e s tock

s plit) is s ued and outs tanding at December 31, 2016 and 90,660,578 at S eptember 30, 2017 - 907

T reas ury s tock; 8,511 s hares (78,301,755 s hares before the 1-for-9,200 revers e s tock s plit) at $0.01 par value at

December 31, 2016 and nil at S eptember 30, 2017 - -

Additional paid-in capital 3,525,252 5,721,708

Accumulated other comprehens ive income 3,346 3,346

Accumulated deficit (3,517,848) (3,602,667)

T otal stockholders' equity 10,750 2,123,294

T otal liabilities and stockholders' equity 4,091,544$ 2,785,578$

Income Statement

26

Nine-month period ended

S eptember 30,

2016 2017

R E VE NUE S :

Revenues 1,295,606$ 788,168$

E XPE NS E S :

Drilling units operating expens es 360,674 225,619

Depreciation and amortization 251,868 95,032

Impairment los s - 1,048,828

Los s on s ale of fixed as s ets - 155

General and adminis trative expens es 68,976 45,970

Legal s ettlements and other, net (7,805) 4,000

Operating income/ (loss) 621,893 (631,436)

OT HE R INCOME / (E XPE NS E S ):

Interes t and finance cos ts (172,408) (237,888)

Interes t income 2,376 5,802

Los s on interes t rate s waps (4,476) -

Reorganization gain, net - 1,028,070

Los s from is s uance of s hares upon res tructuring - (204,595)

Gain from repurchas e of s enior notes 125,001 -

Other, net 5,488 2,976

T otal other (expenses)/ income, net (44,019) 594,365

INCOME / (L OS S ) B E FOR E INCOME T AXE S 577,874 (37,071)

Income taxes (94,856) (47,748)

NE T INCOME / (L OS S ) AT T R IB UT AB L E T O OCE AN R IG UDW INC. 483,018$ (84,819)$

NE T INCOME / (L OS S ) AT T R IB UT AB L E T O OCE AN R IG UDW INC. COMMON S T OCKHOL DE R S 481,835$ (84,819)$

E AR NINGS / (L OS S ) PE R S HAR E AT T R IB UT AB L E T O COMMON S T OCKHOL DE R S , B AS IC AND DIL UT E D 43,518.33$ (28.30)$

WE IGHT E D AVE R AGE NUMB E R OF COMMON S HAR E S , B AS IC AND DIL UT E D 11,072 2,997,480

Cash Flow Statement

27

Nine-month period ended

S eptember 30,

2016 2017

Net Cash Provided by Operating Activities 678,740$ 467,147$

Cash F lows Used in Investing Activities:

Advances for drilling units under cons truction and related cos ts (234,239) (27,694)

Drilling units , machinery, equipment and other improvements / upgrades (87,696) (8,788)

S ale of fixed as s ets - 198

(Increas e)/ Decreas e in res tricted cas h (10,518) 6,926

Net Cash Used in Investing Activities (332,453) (29,358)

Cash F lows Used in F inancing Activities:

Principal payments and repayments of long-term debt and s enior notes (178,178) (460,699)

Repurchas e of common s tock (49,911) -

S enior notes repurchas e (121,455) -

Net Cash Used in F inancing Activities (349,544) (460,699)

Net decrease in cash and cash equivalents (3,257) (22,910)

Cash and cash equivalents at beginning of period 734,747 718,684

Cash and cash equivalents at end of period 731,490$ 695,774$

S UPPL E ME NT AL CAS H FL OW INFOR MAT ION

Cash paid during the period for:

Interes t, net of amount capitalized 190,349 50,212

Reorganization expens es paid - 101,055

Non cash financing activities:

Is s uance of common s tock under the res tructuring - 2,197,128

Proceeds from long-term debt - 450,000