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March 1, 2001

FGH and Ocean Rig continue sparring
Friede Goldman Halter, Inc. said today that it has stopped work on the Ocean Rig ASA project. It had previously announced that it does not intend to complete the rigs without a new agreement between the parties.

Meantime, Ocean Rig responded to Friede Goldman's initial announcement by saying that it "is reviewing all options available to [it] to complete its rigs. In addition, Ocean Rig is trying to communicate with Friede Goldman in order to determine Friede Goldman's intentions with respect to complying with its obligations under the completion contracts, as amended. Ocean Rig intends to take all appropriate action in this regard to protect its interests."

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