Ocean Rig UDW Inc.

NASDAQ: “ORIG”November 16, 2017

3rd Quarter Ended September 30, 2017

Earnings Presentation

Forward Looking Statements Matters discussed in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of

1995. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encouragecompanies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995 and is including this cautionary statement in connection 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 identifiedby 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 current views 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 dataavailable from third parties. Although Ocean Rig believes that these assumptions were reasonable when made, because these assumptions areinherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond Ocean Rig’s control, OceanRig cannot assure you that it will achieve or accomplish these expectations, beliefs or projections described in the forward- looking statementscontained 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 statementsinclude factors related to (i) the offshore drilling market, including supply and demand, utilization, day rates and customer drilling programs, commodityprices, effects of new rigs and drillships on the market and effects of declines in oil and gas prices and downturns in the global economy and themarket outlook for our various geographical operating sectors and classes of rigs and drillships; (ii) hazards inherent in the drilling industry and marineoperations 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 inlaws and governmental regulations, particularly with respect to environmental matters; (v) the availability of competing offshore drilling vessels; (vi)political and other uncertainties, including risks of terrorist acts, war and civil disturbances; piracy; significant governmental influence over many aspectsof local economies, seizure; nationalization or expropriation of property or equipment; repudiation, nullification, modification or renegotiation ofcontracts; limitations on insurance coverage, such as war risk coverage, in certain areas; political unrest; foreign and U.S. monetary policy and foreigncurrency fluctuations and devaluations; the inability to repatriate income or capital; complications associated with repairing and replacing equipmentin remote locations; import-export quotas, wage and price controls imposition of trade barriers; regulatory or financial requirements to comply withforeign 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 financingand our ability comply with covenants in documents governing our debt; (x) our substantial leverage, including our ability to generate sufficient cashflow to service our existing debt and the incurrence of substantial indebtedness in the future; (xi) our ability to successfully employ our drilling units, ourcustomer contracts, including contract backlog, contract commencements and contract terminations; (xii) our capital expenditures, including thetiming and cost of completion of capital projects; (xiii) our revenues and expenses; (xiv) complications associated with repairing and replacingequipment in remote locations; and (xv) regulatory or financial requirements to comply with foreign bureaucratic actions, including potential limitationson drilling activities; (xvi) any litigation or adverse actions that may arise from our recently completed financial restructuring. Due to such uncertaintiesand risks, 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 toupdate and revise any forward looking statements to reflect changes in assumptions, the occurrence of unanticipated events, changes in futureoperating results over time or otherwise and we do not intend 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’s most recently filed Annual Report on Form 20-F.

2

Q3 Results In-Line With Strong Operational Performance

3

Q3 Revenue Efficiency of 98.0%

Q3 Adjusted EBITDA of $120.4m

(Incom e Statem ent Expressed in Millions of U.S. Dollars except for

share and per share data)

Q3 2017 AdjustmentsQ3 2017

Adjusted

REVENUES:

Revenues 200.9 0.0 200.9

EXPENSES:

Drilling units operating expenses 79.4 (16.1) 63.3

Depreciation and amortization 32.4 0.0 32.4

Impairment Loss 1,048.8 (1,048.8) 0.0

General and administrative expenses 14.9 0.0 14.9

Legal settlements and other, net 4.0 0.0 4.0

Operating income/(loss) (978.7) 1,064.9 86.3

OTHER INCOME/(EXPENSES):

Interest and finance costs, net of interest income (110.9) 47.2 (63.7)

Reorganization gain, net 1,069.1 (1,069.1) 0.0

Loss from issuance of shares upon restructuring (204.6) 204.6 0.0

Other, net 1.8 0.0 1.8

Income taxes (10.7) 0.0 (10.7)

Total other income/(expenses), net 744.7 (817.3) (72.6)

Earnings/(loss) per common share, attributable to

common stockholders, basic and diluted (26.36) 1.54

Weighted average number of shares, basic and

diluted 8,877,058 8,877,058

Net income/ (loss) attributable to Ocean Rig UDW Inc. (234.0) 13.6 247.6

Q3 2017 – Revenue And Operating Expenses Summary

4

• During the quarter, we had 1,012 calendar days out of which 552 were uncontracted, 13 were spent on

demobilization to Ivory Coast (Ocean Rig Poseidon), 54 in drydocking (Ocean Rig Mykonos) and 10 days

were spent in hot stacking (Ocean Rig Poseidon).

• Resulting in 383 available contracted drilling days, of which 375 were revenue earning days i.e. 98.0%

Contracted Revenue Efficiency(1).

• Our daily direct and onshore rig operating expenses this quarter averaged approximately $118k/unit(2)

versus $119k(2)/unit during Q2 2017, and $115k(3)/unit during Q3 2016.

(1) Contracted 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).

(2) Opex of units in operation excluding opex of idle units, Olympia, Eirik Raude, Ocean Rig Paros, Ocean Rig Athena, Ocean Rig Mylos and Apollo for the respective idle days.

(3) Opex of units in operation excluding opex of idle units, Olympia, Eirik Raude, Ocean Rig Paros, Ocean Rig Mylos and Apollo for the respective idle days.

Demobilization/

Uncontracted/Class

Survey/Stacking Days

Available Contracted

Drilling DaysOff-hire Days Revenue Earning Days

Contracted Revenue

Efficiency (1)Amortization of Deferred

Revenues

(a) (b) (a-b) (c) ($ mln)

Total Fleet Q3 2017 629 383 8 375 98.0% $6.3

Q3 2017

Amort izat ion of

Deferred Opex

(in USD million) ('000 USD/day) (2) (in USD million)

Total / Average Fleet $55.0 $118 $0.4

Q3 2017 Direct & Onshore Rig Opex

Ocean Rig Is A New Company

5

• On November 3, 2017, an extraordinary general meeting of our shareholders was held, in which:

― The Second Amended and Restated Memorandum and Articles of Association were adopted

― Our Board of Directors was increased to consist of seven directors, of which four directors were

appointed by our Chairman and Chief Executive Officer, Mr. George Economou, and three

directors, were appointed by our major outside shareholders

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

BoD Name AgeYears of

Experience

Chairman and CEO George Economou 64 43

Vice Chairman, President and CFO Anthony Kandylidis 40 15

Director and VP Business Development Iraklis Sbarounis 32 9

Director Prof. John Liveris 65 38

Director John Simon 63 40

Director Karl Blanchard 58 35

Director Jim Devine 59 37

selected by our major outside

shareholders, to approve all major

actions

Major Actions:Equity issuances Debt issuances, modification of debt Assets acquisitions or

sales, newbuildings M&A Dividends payment Related party transactions

4 independent Directors

“Best in class” Balance Sheet

6

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) (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

One Of The Largest Pure-Play Modern Deepwater Drillers

7

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 15-Nov-2017)

4.1

2.42.3

2.2

1.00.9

0.20.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

($b

n)

High Quality Assets With Superior Technology

Built at Dalian/Friedman 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

Harsh Environment UDW Semis

Leiv Eiriksson Eirik Raude

5th generation Semisubmersibles

8

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

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

Current contractual Delivery in June 2018 and January 2019 at

SHI

Delivery installments with Builder’s Credit

No parent company guarantee from Ocean Rig UDW Inc.

Ocean Rig Crete enhanced integrated design

Potential Optional Value

Two 7th generation NB Drillships

11 drilling units

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

Our Assets Are Well Preserved and Maintained

9

“ADC consider that the cold stackedpreservation methods employed by OceanRig on its drillships to be fit for purpose andhave given the rigs equipment everyopportunity for a successful reactivationwhen the time comes. This conclusion wasbased upon the visual inspections of thecurrent equipment condition and thedocumented preservation philosophies byOcean Rig, OEMs and Corroless the 3rd partypreservation specialists.”

- Report Issued on October 24th, 2017

Asset Optimization – Improvedperformance, 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)

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

Strong Operational Performance & Significant Cost

Reductions

10

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)

Meaningful Backlog With Reliable Counterparties

11

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

(2) As of 10 November 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.

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

Contract

expires in

Q3 2021

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

• On October 13, 2017 we 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 we 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

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

Leiv Eiriksson (4) Semi-Sub 2001 Lundin

Ocean Rig Corcovado Drillship 2011 Petrobras

Ocean Rig Poseidon Drillship 2011 Statoil

Ocean Rig Mykonos Drillship 2011 Petrobras

Ocean Rig Skyros Drillship 2013 Total

Operational

Optional Wells

Yard Stay

Ready to Drill

2018Drilling Unit Type Built Current Operator

Rem 2017

$495k/day(5)

$495k/day(5)

$581k/day(6)

$147k/day

$170k/day

Current Industry Dynamics Are Not Sustainable

12

Source: Clarksons Platou Securities AS

Offshore sanctioning replacement ratio (T3yr avg)

0%

20%

40%

60%

80%

100%

120%

140%

160%

0

2

4

6

8

10

12

14

16

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

2012

20

13

20

14

20

15

20

16

20

17

Sa

nc

tio

ne

d b

arr

els

/pro

du

ctio

n

Sa

nc

tio

ne

d b

arr

el (

bill

ion

s)

Sanctioned barrels (trailing 3yr average) Sanctioning replacement ratio

Offshore and shale production

0

5

10

15

20

25

30

2018 2019 2020 2021 2022 2023 2024 2025

mm

bb

ls/d

Shale Oil estimated production

Offshore production at "status quo"

The industry is only replacing ~1/3rd of offshore oil produced, which will lead to a fall in production

Investment Must Rise To Meet “Call On Offshore” Or

Deficit Awaits

13

Source: Clarksons Platou Securities AS

Investment needs to triple in the next 3 years to meet the “call on offshore”

Sanctioning last 3yrs vs. next 3yrs to meet the call

3.3

13.2

11.7

0

2

4

6

8

10

12

14

Sanctioned

resources (trailing

3yr avg)

Sanctioning

necessary to meet

"call on offshore"

(avg next 3yrs)

Average 2009-2014

bill

ion

ba

rre

ls o

f liq

uid

s re

ou

rce

s

Production profile – Weighted average last 5 years

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0 1 2 3 4 5 6 7 8 9 10

% o

f p

ea

k p

rod

uc

tio

n

Year post FID

Conditions Are Ripe For A Turnaround

14

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

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

2010

20

11

20

12

2013

20

14

20

15

20

16

20

17

USD

m

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

Floater Supply/Demand

15

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

Closing Remarks

16

• 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 costumers

― 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

Appendix

Liquidity & Capital Structure

18

(1) (1) Including 1,232,937 Class B common shares.(2) (2) As of November 15, 2017.

(in $ million) 30-Sep-17 Ownership on September 30,2017 # Shares

Total cash 743.1 Shares Outstanding as of September

30, 2017 (1) 91,555,982

DnB Apollo Facility (net of financing fees) 117.1 Free Float Shares 81,797,267

Term Loan 450.0 % of free float Shares 89.3%

Total debt 567.1

Total shareholders’ equity 2,123.3

Total capitalization 2,690.4

Net Debt (176.0) Equity Market Cap(2) 2,277.9

Debt to capitalization 21.1% Net Debt (176.0)

Net Debt to Capitalization (6.5%) Enterprise Value 2,101.9

Projected Deferred Revenue & Expense Amortization

19

As of November 15, 2017

(USD million)Q1A 2017 Q2A 2017 Q3A 2017 Q4E 2017 FY 2017 Q1E 2018 Q2E 2018 Q3E 2018

Amortization of deferred revenues 7.5 6.3 6.3 6.4 26.5 10.9 2.5 1.3

Amortization of deferred expenses 5.0 0.7 0.4 0.4 6.4 5.4 0.4 0.4

Definitions

Includes current accounting schedule and projected additions from future mobilizations

Deferred Revenues include lump sum fees received related to mobilization, capital expenditures reimbursable for

contract related rig upgrades etc. These revenues are capitalized and amortized through the duration of the contract.

Deferred Expenses include costs (recurring operating expenses, tug boats & helicopter rentals etc.) incurred during

mobilization, capital expenditures for contract related rig upgrades etc. These costs are capitalized and amortized

through the duration of the contract.

Balance Sheet

20