Ocean Rig UDW Announces Pricing of Public Offering of Shares

Nicosia, Cyprus – Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, today announced that DryShips Inc.’s previously announced public offering of Ocean Rig common shares has been upsized to 10,000,000 common shares and priced at a price to the public of $16.25 per share.

All net proceeds from the sale of the common shares will be received by DryShips as the selling shareholder.

The offering is expected to close on April 17, 2012. DryShips has also granted the underwriters a 30-day option to purchase up to 1,500,000 additional common shares.

Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering, and Evercore Partners, Raymond James, Simmons & Company International, ABN AMRO, COMMERZBANK, Dahlman Rose & Company, DVB Capital Markets and Nordea Markets are acting as co-managers for the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on April 11, 2012.