Stavanger, Norway
The Board of Directors of Ocean Rig ASA has approved the Company's
Financial Statements for 2007.
The final Financial Statements deviate from the preliminary accounts
published on February 14, 2008, as follows:
* Operating revenue is reduced by USD 0.4 mill to USD 209.1
mill.
* Operating expenses has increased by USD 3.6 mill to USD
171.4 mill.
* Net financial items are reduced by USD 2.7 mill to USD
81.3 mill.
* Consequently the net loss of the year has increased by USD
1.4 mill to USD 50.2 mill, and shareholders equity has been reduced
accordingly by USD 1.4 mill to USD 259.9.
The changes are due to late charges and new estimates. All changes
are applicable to the 4th quarter 2007.
Please find attached Ocean Rig's Financial Statements for 2007. The
Financial Statements are also available at www.newsweb.no or can be
downloaded from www.ocean-rig.com.
The full printed version of the Annual Report will be sent to
registered shareholders and the Oslo Stock Exchange when completed.
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 in the US Gulf of
Mexico and in the North Sea.
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. We
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information or
otherwise. The following important factors, among other, could cause
actual results to differ materially from those projected or implied
in any forward-looking statements: (i) our results of operation and
financial conditions in the future; (ii) the performance of our
rigs, including the sufficiency of their design and their ability to
prevent discharges of hazardous materials and pollutants; (iii) our
ability to generate sufficient cash-flow to meet our debt service
requirements; (iv) our ability to retain existing contracts and
secure future drilling contracts for our rigs at attractive day
rates; (v) our ability to perform our operations in accordance with
our plans; (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.
For further information, please contact CFO Jan Rune Steinsland,
tel (+47) 51 96 90 00
Stavanger, March 28, 2008
Ocean Rig ASA