Stavanger, Norway
Ocean Rig has been notified that DryShips Ïnc. has acquired
additional shares, reached a total holding of more than 50% of the
outstanding shares and is preparing a mandatory offer for the
Company.
The Board of Ocean Rig urges shareholders to take no further action
at this time pending clarification regarding the mandatory offer. The
Board will issue an opinion related to the mandatory offer when it
has been made public.
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
Chairman of the Board, Geir Aune, tel (+47) 51 96 90 00
CFO, Jan Ruine Steinsland, tel (+47) 51 96 90 12
Stavanger, April 22, 2008
Ocean Rig ASA