UPDATE: Ocean Rig UDW Announces Upsizing and Pricing of Public Offering of Its Shares by Dryships; 10M Shares at $16.25/Share

Ocean Rig UDW Inc.

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. Companies affiliated with our Chairman and Chief Executive Officer have agreed to purchase 1,900,000 common shares from DryShips at the public offering price. 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.