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Ocean Rig (0JD5)

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Friday 06 June, 2008

Ocean Rig

Primary insiders' transactions





Stavanger, Norway

Reference is made  to the  Ocean Rig 2006  - 2011  option program  as
approved by the Extraordinary General Meeting on March 22, 2006,  and
reconfirmed in the June 28, 2007, Annual General Meeting.

On June 5, 2008, employees and primary insiders exercised a total  of
1,440,000 options  in Ocean  Rig  ASA at  a volume  weighted  average
strike price of NOK 40.62. This includes 940,000 options exercised by
primary insiders at a volume weighted strike price of NOK 40.55.

On June  5, 2008,  Ocean Rig  sold 1,440,000  Ocean Rig  shares at  a
volume weighted average price of NOK 40.62 per share to employees and
primary insiders. After this transaction, the Company owns  6,763,600
Ocean Rig shares.

Subsequently, employees  and primary  insiders  in the  Company  sold
1,440,000 Ocean Rig shares to Primelead Ltd. at a price of NOK  45.00
per share.

For details of primary insiders' transactions please see attachment.

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 offshore Ireland.


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 Finance Manager Andreas  Lian
Kvam,
tel (+47) 51 96 90 00

Stavanger, June 6, 2008
Ocean Rig ASA






                                                                                                                                                                                                     

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