Ocean Rig UDW Inc. NASDAQ: ORIG November 16, rd Quarter Ended September 30, 2017 Earnings Presentation

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UDW Inc. NASDAQ: ORIG November 16, 217 3 rd Quarter Ended September 3, 217 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 encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with such safe harbor legislation. Forward-looking statements relate to s expectations, beliefs, intentions or strategies regarding the future. These statements may be identified by the use of words like anticipate, believe, estimate, expect, intend, may, plan, project, should, seek, and similar expressions. Forward-looking statements reflect 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 s records and other data available from third parties. Although believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond s control, Ocean Rig cannot assure you that it will achieve or accomplish these expectations, beliefs or projections described in the forward- looking statements contained herein. Actual and future results and trends could differ materially from those set forth in such statements. Important factors that, in s view, could cause actual results to differ materially from those discussed in the forward-looking statements include factors related to (i) the offshore drilling market, including supply and demand, utilization, day rates and customer drilling programs, commodity prices, 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 the market outlook for our various geographical operating sectors and classes of rigs and drillships; (ii) hazards inherent in the drilling industry and marine operations 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 in laws 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 aspects of local economies, seizure; nationalization or expropriation of property or equipment; repudiation, nullification, modification or renegotiation of contracts; limitations on insurance coverage, such as war risk coverage, in certain areas; political unrest; foreign and U.S. monetary policy and foreign currency fluctuations and devaluations; the inability to repatriate income or capital; complications associated with repairing and replacing equipment in remote locations; import-export quotas, wage and price controls imposition of trade barriers; regulatory or financial requirements to comply with foreign bureaucratic actions; changing taxation policies; and other forms of government regulation and economic conditions that are beyond our control; (vii) the performance of our rigs; (viii) our new capital structure; (ix) our ability to procure or have access to financing and access to financing and our ability comply with covenants in documents governing our debt; (x) our substantial leverage, including our ability to generate sufficient cash flow to service our existing debt and the incurrence of substantial indebtedness in the future; (xi) our ability to successfully employ our drilling units, our customer contracts, including contract backlog, contract commencements and contract terminations; (xii) our capital expenditures, including the timing and cost of completion of capital projects; (xiii) our revenues and expenses; (xiv) complications associated with repairing and replacing equipment in remote locations; and (xv) regulatory or financial requirements to comply with foreign bureaucratic actions, including potential limitations on drilling activities; (xvi) any litigation or adverse actions that may arise from our recently completed financial restructuring. Due to such uncertainties and 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 to update and revise any forward looking statements to reflect changes in assumptions, the occurrence of unanticipated events, changes in future operating results over time or otherwise and we do not intend to do so. Risks and uncertainties are further described in reports of 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 2-F. 2

Q3 Results In-Line With Strong Operational Performance (Incom e Statem ent Expressed in Millions of U.S. Dollars except for share and per share data) Q3 217 Adjustments Q3 217 Adjusted REVENUES: Revenues 2.9. 2.9 Q3 Revenue Efficiency of 98.% EXPENSES: Drilling units operating expenses 79.4 (16.1) 63.3 Depreciation and amortization 32.4. 32.4 Impairment Loss 1,48.8 (1,48.8). General and administrative expenses 14.9. 14.9 Legal settlements and other, net 4.. 4. Operating income/(loss) (978.7) 1,64.9 86.3 OTHER INCOME/(EXPENSES): Interest and finance costs, net of interest income (11.9) 47.2 (63.7) Reorganization gain, net 1,69.1 (1,69.1). Loss from issuance of shares upon restructuring (24.6) 24.6. Other, net 1.8. 1.8 Income taxes (1.7). (1.7) Total other income/(expenses), net 744.7 (817.3) (72.6) Net income/ (loss) attributable to UDW Inc. (234.) 247.6 13.6 Earnings/(loss) per common share, attributable to common stockholders, basic and diluted Weighted average number of shares, basic and diluted (26.36) 1.54 8,877,58 8,877,58 Q3 Adjusted EBITDA of $12.4m 3

Q3 217 Revenue And Operating Expenses Summary During the quarter, we had 1,12 calendar days out of which 552 were uncontracted, 13 were spent on demobilization to Ivory Coast ( Poseidon), 54 in drydocking ( Mykonos) and 1 days were spent in hot stacking ( Poseidon). Resulting in 383 available contracted drilling days, of which 375 were revenue earning days i.e. 98.% Contracted Revenue Efficiency (1). Demobilization/ Uncontracted/Class Survey/Stacking Days Available Contracted Drilling Days Off-hire Days Revenue Earning Days Contracted Revenue Efficiency (1) Amortization of Deferred Revenues (a) (b) (a-b) (c) ($ mln) Total Fleet Q3 217 629 383 8 375 98.% $6.3 Our daily direct and onshore rig operating expenses this quarter averaged approximately $118k/unit (2) versus $119k (2) /unit during Q2 217, and $115k (3) /unit during Q3 216. Q3 217 Direct & Onshore Rig Opex Q3 217 Amortization of Deferred Opex (in USD million) (' USD/day) (2) (in USD million) Total / Average Fleet $55. $118 $.4 (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, Olympia, Eirik Raude, Paros, Athena, Mylos and Apollo for the respective idle days. (3) Opex of units in operation excluding opex of idle units, Olympia, Eirik Raude, Paros, Mylos and Apollo for the respective idle days. 4

Is A New Company On September 22, 217, the Company successfully completed its restructuring of approximately $3.7 billion of principal debt in exchange for cash, debt and new equity On November 3, 217, an extraordinary general meeting of our shareholders was held, in which: The Second Amended and Restated Memorandum and Articles of Association were adopted Our Board of Directors was increased to consist of seven directors, of which four directors were appointed by our Chairman and Chief Executive Officer, Mr. George Economou, and three directors, were appointed by our major outside shareholders 4 independent Directors BoD Name Age Years of Experience Chairman and CEO George Economou 64 43 Vice Chairman, President and CFO Anthony Kandylidis 4 15 Director and VP Business Development Iraklis Sbarounis 32 9 Director Prof. John Liveris 65 38 Director John Simon 63 4 Director Karl Blanchard 58 35 Director Jim Devine 59 37 selected by our major outside shareholders, to approve all major actions Major Actions: Equity issuances Debt issuances, modification of debt Assets acquisitions or sales, newbuildings M&A Dividends payment Related party transactions 5

$m Best in class Balance Sheet As of September 3, 217 (excl. Apollo) Apollo Total Cash ($m) 695 48 743 Net Book Value of Fleet ($bn) 1.7.2 1.9 Debt ($m) 45 117 567 Backlog ($bn) (1) 1..1 1.1 Debt repayment profile No debt repayment until Term Loan maturity in 224 Apollo expected to be debt free by mid 218 Term Loan 6 Apollo Debt Facility is ring fenced and served exclusively from TOTAL termination payments 1 5 Apollo Debt Facility Remaining 217 218 219 4 2 Remaining 217 218 219 22 221 222 223 224 (1) (1) As of November 1, 217. 6

# of units ($bn) One Of The Largest Pure-Play Modern Deepwater Drillers Offshore Drillers by number of units (Floaters) (1) Offshore Drillers by Market Capitalization 4 35 38 4.5 4. 4.1 3 25 2 15 1 26 19 11 1 8 7 7 3.5 3. 2.5 2. 1.5 1. 2.4 2.3 2.2 1..9 5.5..2. (1) Excludes all NB contracts, and 4 th Gen and below. Source: IHS Petrodata. Source: Bloomberg (closing price as of 15-Nov-217) 7

High Quality Assets With Superior Technology Harsh Environment UDW Semis Sister Drillships provide Benefits from Standardization Potential Optional Value 5 th generation Semisubmersibles Five 6 th generation Drillships Four 7 th generation Drillships Two 7 th generation NB Drillships Leiv Eiriksson Eirik Raude Corcovado Olympia Poseidon Mykonos Paros Mylos Skyros Athena Apollo Santorini Crete 11 drilling units Built at Dalian/Friedman Goldman Irving Bingo 9 design Up to 7,5-1, ft. water depth capacity Up to 3, ft. drilling depth capacity Moored units and winterized for operations in extreme climates Compliant with UK and Norway regulations Built at Samsung Heavy Industries Sister Drillships with common equipment, spare parts and training standards Up to 1,-12, ft. water depth capability Up to 4, ft. drilling depth capability with 6 and 7 ram BOPs Dual derricks for increased drilling activity/efficiency Accommodations for up to 215 personnel on board Mylos equipped with dual BOP Corcovado & Mykonos MPD Ready Current contractual Delivery in June 218 and January 219 at SHI Delivery installments with Builder s Credit No parent company guarantee from UDW Inc. Santorini sistership to Mylos, Skyros, Athena, Apollo Crete enhanced integrated design 8

Our Assets Are Well Preserved and Maintained Key Initiatives Online Condition Monitoring Systems Asset Optimization Improved performance, reliability and safety, reduced cost of ownership Rig Stacking Procedure Verified by 3 rd Party 5 rigs at Elefsis Bay anchorage, Greece Frontrunner in the industry Rolls Royce Thruster Monitoring System (212) NOV Drilling Equipment Monitoring (214) NOV BOP Monitoring and function logger (214) 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, OEMs and Corroless the 3 rd party preservation specialists. - Report Issued on October 24 th, 217 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 9

(' USD/day) ' USD/day) Strong Operational Performance & Significant Cost Reductions Running costs of Operating Rigs only G&A 2 15 1 5 186 148 117 119 214 215 216 9M 217 # of Op. Rigs: 9 1 6 5 # of Rigs: 9 1 11 11 TRIR (12 month rolling) (1) Revenue Efficiency (2) 45 4 35 3 25 2 15 1 5 41 28 27 214 215 216 9M217 15.6.5.4.3.2.49.42.22.32 1.% 9.% 8.% 7.% 95.4% 97.4% 96.4% 97.3%.1 6.% 214 215 216 9M217 5.% 214 215 216 9M 217 (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) 2,, 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). 1

Meaningful Backlog With Reliable Counterparties Total Backlog of $1. billion (1)(2)(3) Drilling Unit Type Built Current Operator Leiv Eiriksson (4) Semi-Sub 21 Lundin Corcovado Drillship 211 Petrobras Poseidon Drillship 211 Statoil Rem 217 218 N D J F M A M J J A S O N D $147k/day $495k/day (5) $17k/day Mykonos Drillship 211 Petrobras Skyros Drillship 213 Total $495k/day (5) $581k/day (6) Contract expires in Q3 221 Operational Optional Wells Yard Stay Ready to Drill On October 13, 217 we announced that Lundin Norway AS ( Lundin ) exercised their fifth option to extend the contract that results in the Leiv Eiriksson being employed up to March 218. has granted Lundin 2 additional options to drill further wells in the future. Should Lundin exercise its remaining seven one-well options, the rig could be employed until the middle of 219 On October 13, 217 we announced that the Company has signed a new drilling contract with Statoil, for a one-well drilling program offshore Tanzania. The contract is expected to commence in Q1 218, and be performed by the Poseidon (1) Excludes termination payments associated with the Apollo. (2) As of 1 November 217. (3) Assuming Lundin does not exercise its optional wells. (4) Yard stay assumed if optional wells are declared. (5) Based on FX rate assumptions. (6) Current applicable dayrate. Note: The Eirik Raude, Olympia, Mylos, Athena, Paros, and Apollo are actively marketed and available for drilling 11

1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Sanctioned barrel (billions) Sanctioned barrels/production mmbbls/d Current Industry Dynamics Are Not Sustainable Offshore sanctioning replacement ratio (T3yr avg) Offshore and shale production 16 16% 3 14 14% 25 12 12% 1 1% 2 8 8% 15 6 6% 1 4 4% 5 2 2% % 218 219 22 221 222 223 224 225 Sanctioned barrels (trailing 3yr average) Sanctioning replacement ratio Shale Oil estimated production Offshore production at "status quo" The industry is only replacing ~1/3 rd of offshore oil produced, which will lead to a fall in production Source: Clarksons Platou Securities AS 12

% of peak production billion barrels of liquids reources Investment Must Rise To Meet Call On Offshore Or Deficit Awaits 1% Production profile Weighted average last 5 years 9% 14 12 Sanctioning last 3yrs vs. next 3yrs to meet the call 13.2 11.7 8% 7% 1 6% 8 5% 4% 6 3% 4 3.3 2% 2 1% % 1 2 3 4 5 6 7 8 9 1 Year post FID Sanctioned resources (trailing 3yr avg) Sanctioning necessary to meet "call on offshore" (avg next 3yrs) Average 29-214 Investment needs to triple in the next 3 years to meet the call on offshore Source: Clarksons Platou Securities AS 13

2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 USDm Resources P5 (billion bbls) Cumulative % of total P5 resources Conditions Are Ripe For A Turnaround Average spending per offshore project per year Breakevens of undeveloped offshore liquids (P5) 3 25 1% 9% 25 2 8% 2 15 7% 6% 15 5% 1 4% 1 5 5 3% 2% 1% % Shelf (to 4 ft) Deep water (4+ ft) Resources Cumulative % Low activity led to severe deflation but lower breakevens: 58% of offshore is breakeven <$5 Source: Clarksons Platou Securities AS 14

# of floaters Floater fleet utilization # of floating drilling units Floater Supply/Demand Floaters Demand/Supply and Fleet Utilization (Base) 1996 22E Floaters Supply/Demand Bridge to 22 3 1% 25 25 9% 8% 2 1 4 4 5 12 2 7% 71 42 6% 15 15 5% 4% 1 22 1 3% 135 166 5 2% 5 1% % Total floater demand Floater fleet utilization Source: Clarksons Platou Securities AS 15

Closing Remarks Major international deepwater contractor with modern assets and exposure to harsh environment Fleet of 9 (1) modern (6th and 7th generation) UDW drillships and 2 UDW harsh environment semisubmersible rigs Stacked assets are well preserved and maintained, as verified by 3 rd party inspection Strong relationships with costumers Proven track record of efficiency, drilling performance, cost control and safety BEST IN CLASS BALANCE SHEET Negative net debt with no amortization due for the next 7 years (2) (maturity of $45m term loan in Q3 224) Ample liquidity supported by cash balance of $.7 billion (3) Significant contracted cash flow with $1. billion backlog (4) Transparent corporate governance Majority independent board, with all major actions approved by three independent directors selected by the major outside shareholders In prime position to benefit from recovery in the offshore drilling market, whenever this occurs (1) Excludes newbuildings. (2) Excluding ring-fenced Apollo debt. (3) Excluding cash associated with the Apollo. (4) Backlog, excluding termination payments associated with the Apollo. As of November 1, 217. 16

Appendix

Liquidity & Capital Structure (in $ million) 3-Sep-17 Ownership on Sept ember 3,217 # Shares Total cash 743.1 Shares Outstanding as of September 3, 217 (1) 91,555,982 DnB Apollo Facility (net of financing fees) 117.1 Free Float Shares 81,797,267 Term Loan 45. % of free float Shares 89.3% Total debt 567.1 Total shareholders equity 2,123.3 Total capitalization 2,69.4 Net Debt (176.) Equity Market Cap (2) 2,277.9 Debt to capitalization 21.1% Net Debt (176.) Net Debt to Capitalization (6.5%) Enterprise Value 2,11.9 (1) (1) Including 1,232,937 Class B common shares. (2) (2) As of November 15, 217. 18

Projected Deferred Revenue & Expense Amortization As of November 15, 217 (USD million) Q1A 217 Q2A 217 Q3A 217 Q4E 217 FY 217 Q1E 218 Q2E 218 Q3E 218 Amortization of deferred revenues 7.5 6.3 6.3 6.4 26.5 1.9 2.5 1.3 Amortization of deferred expenses 5..7.4.4 6.4 5.4.4.4 Includes current accounting schedule and projected additions from future mobilizations Definitions 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. 19

Balance Sheet 2