Ocean Rig UDW Inc.

NASDAQ: “ORIG”February 21, 2018

4th Quarter Ended December 31, 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

Q4 Results In-Line With Strong Operational Performance

3

Q4 Revenue Efficiency of 98.7%

Q4 Adjusted EBITDA of $136.8m

Q4 2017 AdjustmentsQ4 2017

Adjusted

REVENUES:

Revenues 211.5 0.0 211.5

EXPENSES:

Drilling units operating expenses 61.6 (8.4) 53.2

Depreciation and amortization 26.2 0.0 26.2

General and administrative expenses 27.4 0.0 27.4

Loss on sale of fixed assets 0.1 0.0 0.1

Legal settlements and other, net (5.5) 0.0 (5.5)

Operating income/(loss) 101.7 8.4 110.1

OTHER INCOME/(EXPENSES):

Interest and finance costs, net of interest income (8.8) 0.0 (8.8)

Reorganization gain, net 1.9 0.0 1.9

Other, net 0.3 0.0 0.3

Income taxes (15.7) 0.0 (15.7)

Total other income/(expenses), net (22.3) 0.0 (22.3)

Earnings/(loss) per common share, attributable to

common stockholders, basic and diluted 0.87 0.96

Weighted average number of shares, basic and

diluted 91,235,457 91,235,457

Net income/ (loss) attributable to Ocean Rig UDW

Inc.79.4

(Incom e Statem ent Expressed in Millions of U.S. Dollars except for share and per share data)

87.8 8.4

Q4 2017 – Revenue And Operating Expenses Summary

4

• During the quarter, we had 1,012 calendar days out of which 552 were uncontracted, 75 days were spent in

hot stacking (Ocean Rig Poseidon) and 17 days were spent in mobilization (Ocean Rig Poseidon).

• Resulting in 368 available contracted drilling days, of which 363 were revenue earning days i.e. 98.7%

Contracted Revenue Efficiency(1).

• Our daily direct and onshore rig operating expenses this quarter averaged approximately $121k/unit(2)

versus $118k(3)/unit during Q3 2017.

(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, Ocean Rig Olympia, Eirik Raude, Ocean Rig Paros, Ocean Rig Athena, Ocean Rig Mylos, Ocean Rig Apollo and

Ocean Rig Poseidon (hot-stacked and in mobilization during Q4 2017) for the respective idle days

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

respective idle days.

Q4 2017

Amort izat ion of

Deferred Opex

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

Total / Average Fleet $52.1 $121 $0.4

Q4 2017 Direct & Onshore Rig Opex

Mobilizat ion/

Uncontracted/Class

Survey/Stacking Days

Available Contracted

Drilling DaysOff-hire Days

Revenue Earning

Days

Contracted Revenue

Efficiency (1)

Amort izat ion of Deferred

Revenues

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

Total Fleet Q4 2017 644 368 5 363 98.7% $6.4

“Best In Class” Balance Sheet

5

No debt repayment until Term Loan maturity in 2024

Almost 7 year runway for the Company to take advantage of market recovery

Apollo expected to be debt free by mid 2018

Apollo debt facility is ring-fenced and served exclusively from TOTAL termination payments

Apollo to be included in Exit Term loan collateral pool, after debt facility repayment

(1) (1) As of 31 December 2017, adjusted for subsequent events

As of December 31, 2017Ocean Rig (excl.

Apollo)Apollo Total

Cash ($m) 738 45 783

Debt ($m) 450 82 532

Backlog ($m)(1) 969 46 1,015

Strong Operational Performance & Significant Cost

Reductions

6

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

95.4%97.4% 96.4%

97.6%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2014 2015 2016 2017

0.49

0.42

0.22

0.48

0

0.1

0.2

0.3

0.4

0.5

0.6

2014 2015 2016 2017

(3)

41

28 27

18

0

10

20

30

40

50

2014 2015 2016 2017

'000 U

SD

/da

y)

186

148

117126

0

50

100

150

200

2014 2015 2016 2017

('000 U

SD

/da

y)

Meaningful Backlog With Reliable Counterparties

7

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

(2) As of 31 December 2017, adjusted for subsequent events

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

(4) Based on FX rate assumptions.

(5) 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 $969 million(1)(2)(3)

The Company’s previously announced drilling contract of Ocean Rig Poseidon with Statoil, for a one-well drilling program offshore Tanzania,

has been successfully completed. The Ocean Rig Poseidon is transiting to Walvis Bay, where it will replace its thrusters and will remain in

“ready-to-drill” state, and be actively marketed for employment.

The Company’s drilling unit Ocean Rig Mykonos, which is expected to complete her current drilling contract with Petrobras within March

2018, is planned to transit to Las Palmas, where it will remain in “ready-to-drill” state, and be actively marketed for employment. During the

Ocean Rig Mykonos stay in Las Palmas, the unit will be fitted with a full Managed Pressure Drilling (MPD) package

The Company’s drilling unit Ocean Rig Corcovado, which is expected to complete her current drilling contract with Petrobras end of May

2018, is planned to transit to Las Palmas, where it will remain in “ready-to-drill” state, and be actively marketed for employment

On January 12, 2018, Lundin declared their sixth option on the Leiv Eiriksson contract, which is now expected to have firm employment

secured until August 2018. Should Lundin exercise its remaining six one-well options, the rig could be employed until the second half of 2019

On February 7, 2018, the Leiv Eriksson commenced its shipyard stay at Olen, Norway where it will undergo certain enhancements related to

its contract with Lundin, conduct an intermediate survey and upgrade its BOP to 5-rams.

Leiv Eiriksson 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

$147k

/day

$581k/day(5)

$170k

/day

J DNOSAJ

$495k/day(4)

Walvis Bay

Drilling Unit Type Built Operator

$150k/day

$495k/day(4)

J F M A M

Las Palmas

Las Palmas

2018

Ultra-Deepwater Driller With 2nd Largest Market Cap

8

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

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

Source. : Company data

Offshore Drillers by Market Capitalization

Source: Bloomberg (closing price as of 16-Feb-2018)

38

26

19

11 1110

87

0

5

10

15

20

25

30

35

40

# o

f u

nits

4.2

2.32.2

1.9

1.0 0.9

0.10.0

0.0

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1.0

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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

9

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

10

“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.”

- Reports Issued in October 2017/January 2018

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)

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

11

Source: Thomson Reuters

Oil Price In The Right Zip Code For Improved Rig Demand

Europe Brent Spot Price

0

20

40

60

80

100

120

140

USD

Conditions Are Ripe For A Turnaround

12

Source: Clarksons Platou Securities AS

Low activity led to severe deflation but lower breakevens: Over 80% of offshore is breakeven <$60

Breakevens of undeveloped offshore liquids (P50)Average spending per offshore project per year

0

50

100

150

200

250

300

200

0

200

1

200

2

200

3

200

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200

5

200

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200

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200

8

200

9

201

0

201

1

201

2

201

3

201

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201

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201

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201

7

USD

m

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

5

10

15

20

25

Cu

mu

lativ

e %

of

tota

l P5

0 r

eso

urc

es

Re

sou

rce

s P

50 (

bill

ion

bb

ls)

Resources Cumulative %

Cash Flow Situation Key E&P Companies

13

Source: SB1 Markets Research

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

Floating Rigs Awarded

14

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

Ocean Rig is Well Positioned for the Market Upturn

15

• High Quality Fleet & Track Record

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

submersible rigs and contracts for 2 newbuildings (7th and 8th generation) UDW drillships with

Samsung Heavy Industries

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

― Strong relationships with customers

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

• BEST IN CLASS BALANCE SHEET

― Negative net debt with no amortization due for the next 7 years(1) (maturity of $450m term loan in

Q3 2024)

― Ample liquidity supported by cash balance of $738 million(2)

― $969 million backlog(3)

• Transparent corporate governance

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

selected by the major outside shareholders

(1) Excluding ring-fenced Ocean Rig Apollo debt facility.(2) Excluding cash associated with the Ocean Rig Apollo.(3) Backlog, excluding termination payments associated with the Ocean Rig Apollo. As of 31 December, 2017, adjusted for subsequent events.

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

whenever this occurs

Appendix

Liquidity & Capital Structure

17

(1) (1) As of February 16, 2018.

(in $ million) 31-Dec-17 Ownership on December 31, 2017 # Shares

Total cash 783.1 Class A Shares 90,562,138

DnB Apollo Facility $475 million (net of financing

fees) 81.6 Class B Shares 1,005,844

Deutsche Bank Loan $450 million 450.0 Number of Shares Outstanding as of Dec 31, 2017 91,567,982

Total debt 531.6 Free Float Shares 82,036,360

Total shareholders’ equity 2,203.2 % of free float Shares 89.6%

Total capitalization 2,734.8

Net Debt (251.5) Equity Market Cap(1) 2,296.5

Debt to capitalization 19.4% Net Debt (251.5)

Net Debt to Capitalization (9.2%) Enterprise Value 2,045.0

Projected Deferred Revenue & Expense Amortization

18

As of February 19, 2018

(USD million)Q1A 2017 Q2A 2017 Q3A 2017 Q4A 2017 FY 2017 Q1E 2018 Q2E 2018 Q3E 2018 Q4E 2018

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

Amortization of deferred expenses 5.0 0.7 0.4 0.4 6.4 5.4 0.4 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

19

Income Statement

20