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April 9, 2002

New chairman and MD for Ocean Rig
Bjarne Skeie yesterday resigned as chairman Ocean Rig ASA, though he remains on the board. He said he had taken on the chairmanship about two years and was prepared to continue in the chair until both the company's Bingo rigs were delivered, which was assumed to be during 2001. "The consequence of the delay caused by Friede Goldman Shipyard, USA, is that the function as Chairman lasted longer than I envisaged and almost took all my time. The first rig is now in operation offshore West Africa and the second is due for delivery in the middle of this year. I therefore take the opportunity to resign as Chairman

Morten Borge succeeds Skeie as chairman. He has nearly 30 years of experience inshipping and offshore companies. He was chairman of Dual Drilling, Dallas, 1990-1995 and chairman and managing director of Mosvold Shipping Ltd, Bermuda, until 2001. He will work full time for Ocean Rig during 2002.

The Board of Directors remains unchanged as follows: Morten Borge (Chairman), Geir Aune, Roy Mosvold, Bjarne Skeie and J. Frithjof Skouverøe.

Also stepping down is managing director Christian Huseby , who will be available as a consultant to the company during the remainder of 2002.

The new managing director is Kai Solberg-Hansen (54). Hehas more than 25 years experience in the shipping and offshore sectors and was until recently managing director of Northern Offshore, Bermuda.

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