6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2018

Commission File Number 001-35298

OCEAN RIG UDW INC.

Ocean Rig Cayman Management Services SEZC Limited

3rd Floor Flagship Building

Harbour Drive, Grand Cayman, Cayman Islands

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is a copy of the press release of Ocean Rig UDW Inc., dated May 28, 2018: Ocean Rig UDW Inc. Announces Offering of Common Shares by its Subsidiary.

Attached to this Report on Form 6-K as Exhibit 99.2 is a copy of the presentation provided to potential investors in connection with the above referenced offering.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	OCEAN RIG UDW INC.
Dated:  May 29, 2018	By:  /s/ Iraklis Sbarounis
		Iraklis Sbarounis
		Chief Financial Officer

EX-99.1

Exhibit 99.1

OCEAN RIG UDW INC. ANNOUNCES OFFERING OF COMMON SHARES BY ITS SUBSIDIARY

May 28, 2018, Grand Cayman, Cayman Islands - Ocean Rig UDW Inc. (NASDAQ:ORIG), ("Ocean Rig" or the "Company"), an international contractor of offshore deepwater drilling services, today announced the launch of an offering of common shares by its wholly-owned Marshall Islands subsidiary, Valiant Offshore Inc., ("Valiant"), which upon the completion of the offering will acquire the Leiv Eiriksson and the Eirik Raude, two fifth generation harsh environment semi-submersible rigs that are currently indirectly owned by the Company in exchange for 24,000,000 shares of Valiant (representing approximately 57.8% of the issued share capital of Valiant) and cash in the amount of $110,000,000, expected to be used towards reactivating the Eirik Raude. An additional 17,500,000 shares of Valiant (representing approximately 42.2% of the share capital of Valiant) are expected to be sold in the offering. Valiant intends to use the net proceeds from the offering as partial payment for the acquisition of the Leiv Eiriksson, for working capital and for general corporate purposes.

It is expected that the Leiv Eiriksson will be delivered to Valiant with its current drilling contracts in place, which is scheduled to take place within ninety days after the closing of this offering. It is expected that the Eirik Raude will be delivered to Valiant following its reactivation, which is expected to take place within twelve to fifteen months and no later than eighteen months from the closing of the offering.

The shares of Valiant will be offered and sold in the United States to qualified institutional buyers pursuant to applicable exemptions from the registration requirements under the U.S. Securities Act of 1933 (the "Securities Act of 1933") and outside the United States pursuant to Regulation S under the Securities Act of 1933.

The shares of Valiant have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase shares of Valiant or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

About Ocean Rig UDW Inc.

Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry.

Ocean Rig's common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "ORIG."

Visit the Company's website at www.ocean-rig.com

Forward-Looking Statement

Matters discussed in this release 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 Ocean Rig'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 Ocean Rig's current views and assumptions with respect to future events and are subject to risks and uncertainties.

The forward-looking statements in this release 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 Ocean Rig's records and other data available from third parties. Although Ocean Rig 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 Ocean Rig'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 Ocean Rig'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 commodity process and downturns in the global economy on 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 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.

Risks and uncertainties are further described in reports of Ocean Rig filed with or submitted to the U.S. Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 20-F.

Investor Relations / Media:

Nicolas Bornozis

Capital Link, Inc. (New York) Tel. 212-661 7566

E-mail: oceanrig@capitallink.com

EX-99.2

Exhibit 99.2

 VALIANT OFFSHORE INC.Investor PresentationEquity Offering of USD 175m  28 May 2018 

 This presentation dated 28 May 2018 (the “Presentation”) has been produced by Valiant Offshore Inc. (the “Company” or “Valiant Offshore”), for use in its dialogue with potential investors in a contemplated equity offering of new shares by the Company (the “New Shares”) to Norwegian investors, international institutional investors and professional investors and other investors in such other jurisdictions as are permitted or catered for by exemption rules under applicable securities laws (the “Equity Offering”). This Presentation is for information purposes only and does not in itself constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. No representation of warranty (express or implied) is made as to, and no reliance should be placed on, any forward looking statements, including projections, estimates, targets and opinions, contained herein. To the extent permitted by law, the Company, its parent or subsidiary undertakings; Clarksons Platou Securities AS and Pareto Securities AS as joint lead managers and bookrunners, ABN AMRO Bank N.V. as joint lead manager, Nordea Bank AB (publ), filial i Norge as co-manager (together referred to as the “Managers”, each a “Manager”) or any such person’s officers, directors, or employees disclaim all liability whatsoever arising directly or indirectly from the use of this Presentation. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances, not historical facts and are sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation (including assumptions, opinions and views of the Company or opinions cited from third party sources) are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company, any of its parent or subsidiary undertakings, the Managers or any such person’s officers, directors, or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments described herein or any obligation to update any information contained herein.The Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware of and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading in any material respect. AN INVESTMENT IN THE COMPANY INVOLVES RISK. SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE PREDICTED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, BUT NOT LIMITED TO, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS AND, MORE GENERALLY, ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, THE ACTUAL RESULTS OF THE COMPANY MAY VARY MATERIALLY FROM THOSE FORECASTED IN THIS PRESENTATION. By attending or receiving this Presentation recipients acknowledge that they will be solely responsible for their own assessment of the Company and its shares as an investment and that they will conduct their own analysis and be solely responsible for forming their own view of the potential future performance of the Company and its business. The distribution of this Presentation may, in certain jurisdictions, be restricted by law. Persons in possession of this Presentation are required to inform themselves about and to observe any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company or the Managers that would permit the possession or distribution of any documents or any amendment or supplement thereto (including but not limited to this Presentation) in any country or jurisdiction where specific action for that purpose is required. In relation to the United States and U.S. Persons, this Presentation is strictly confidential and is being furnished to investors solely in reliance on applicable exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended (the “US Securities Act”). The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities law and may not be offered or sold within the United States unless an exemption from the registration requirements of the U.S. Securities Act is available. Accordingly, any offer or sale of shares in the Company will only be offered or sold (i) within the United Sates to Qualified Institutional Buyers (“QIBs”) pursuant to an applicable exemption from the registration requirements under the US Securities Act. and (ii) outside the United States in offshore transactions in accordance with Regulations S of the U.S. Securities Act. Neither the U.S. Securities and Exchange Commission, nor any other U.S. authority, has approved this Presentation. This Presentation is being communicated in the United Kingdom to persons who have professional experience, knowledge and expertise in matters relating to investments and who are "investment professionals" for the purposes of article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and only in circumstances where, in accordance with section 86(1) of the Financial and Services Markets Act 2000 ("FSMA"), the requirement to provide an approved prospectus in accordance with the requirement under section 85 FSMA does not apply. Consequently, investors understand that the shares to be issued in the Equity Offering may be offered only to "qualified investors" for the purposes of sections 86(1) and 86(7) FSMA, or to a limited number of UK investors, or only where minima are placed on the consideration or denomination of securities that can be made available (all such persons being referred to as "relevant persons"). The contents of this Presentation shall not be construed as legal, business, or tax advice. Each reader of this Presentation should consult its own legal, business or tax advisor as to legal, business or tax advice. If you are in doubt about the contents of this Presentation, you should consult your stockbroker, bank manager, lawyer, accountant, or other professional adviser. This Presentation speaks as of 28 May 2018. Neither the delivery of this Presentation nor any further discussions by the Company or the Managers with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This Presentation and the information contained therein should be kept confidential by the recipient and may not be photocopied, reproduced or disclosed to third parties without the prior written consent of the Managers. This document has not been independently verified.This Presentation shall be governed by Norwegian law. Any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Norwegian courts with the Oslo City Court as legal venue.  Important information   2 

 Risk factors (1/3)  Investing in the Company involves inherent risks. Prospective investors should consider, among other things, the risk factors set out below before making an investment decision. The risks described below are not the only ones facing the Company. Additional risks not presently known to the Company or that the Company currently deems immaterial may also impair the Company’s business operations and adversely affect the price of the Company’s shares and ability to service its debt. If any of the following risks actually occur, the Company’s business, financial position and operating results could be materially and adversely affected. A prospective investor should consider carefully the factors set forth below, and elsewhere in the Presentation, and should consult his or her own expert advisors as to the suitability of an investment in the shares of the Company. An investment in the New Shares is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of the investment.Valiant Offshore may be unable to secure ongoing drilling contracts for the Eirik Raude, which is currently cold stacked, or the Leiv Eiriksson's when its current engagement ends.Valiant Offshore’s ability to meet its cash flow obligations will depend on its ability to secure drilling contracts for its drilling units at sufficiently high day rates. Valiant Offshore cannot guarantee that it will be able to secure employment for the Eirik Raude, which is currently cold stacked in Greece or for the Leiv Eiriksson when its current engagement ends. Your investment in Valiant Offshore may be negatively affected if it is unable to secure suitable employment for its rigs, including the Eirik Raude. Further, even if both the Eirik Raude and the Leiv Eiriksson are successfully employed, Valiant Offshore cannot predict the future level of demand for their services or future conditions in the oil and gas industry. If the oil and gas companies do not continue to increase exploration, development and production expenditures, Valiant Offshore may have difficulty securing drilling contracts, or it may be forced to enter into drilling contracts at unattractive day rates. Either of these events could impair Valiant Offshore’s ability to generate sufficient cash flow to ensure a favorable return on your investment and meet its capital expenditure and other obligations. Further, Valiant offshore's current backlog of contract drilling revenue may not be fully realized, and Valiant Offshore's current and/or future drilling contracts may be terminated due to a number of events. If customers cancel any of Valiant Offshore's contracts, and we are unable to secure new contracts on a timely basis and on substantially similar terms, or if contracts are suspended for an extended period of time or if a number of the contracts are renegotiated, it could adversely affect Valiant Offshore and your investment.There is no guarantee that Ocean Rig will contribute both Eirik Raude and the Leiv Eiriksson to Valiant Offshore. As such, your investment in Valiant Offshore may be negatively affected.At the time of the closing of the offering, it is expected that Ocean Rig UDW Inc. (“Ocean Rig” or “ORIG”), through certain subsidiaries, will contribute the Eirik Raude and the Leiv Eiriksson together with all the outstanding shares in Primelead Ltd, which owns the operational base in Norway, as contribution-in-kind to Valiant Offshore in exchange for 57.8% of the shares of Valiant Offshore. Delivery of the Leiv Eiriksson to Valiant Offshore is expected to be effected within 90 days of the closing of the offering. In the event the drilling contracts cannot be novated, the transfer of the Leiv Eiriksson shall be restructured from an asset sale to a sale of shares in the current ownership entity. If the Leiv Eiriksson for whatever reason is not transferred to Valiant Offshore with the drilling contracts as agreed, the shares of Valiant Offshore paid as deposit for the purchase shall be returned, but there are no restrictions on such shares. Delivery of Eirik Raude, which is currently cold-stacked in Greece, will take place following reactivation expected to take 12-15 months, and no later than 18 months from the closing of the offering. If Ocean Rig fails to mobilize the Eirik Raude in accordance with the terms set out in the Memorandum of Agreement, Valiant Offshore has the right to repurchase 21,500,000 shares free of compensation for cancellation. These shares will be pledged and blocked until delivery of the Eirik Raude. As a result, if the Eirik Raude is not delivered to Valiant Offshore in accordance with the scope of work agreed in the Memorandum of Agreement, we will have a call option, which will provide us with the right to acquire for no compensation 21,500,000 shares of Valiant Offshore held by Ocean Rig, returned to us for cancelation. If the Eirik Raude is not delivered, it is expected that we will only own the Leiv Eiriksson and Ocean Rig will be a minority shareholder in Valiant Offshore. In this case your investment in Valiant Offshore will be disproportionately affected by the future operating income of the Leiv Eiriksson. Furthermore, the Company will not have any operating income before it acquires either the Eirik Raude or the Leiv Eiriksson, but may accrue costs from an earlier stage. Pursuant to the Company's articles of association, the Company will not pay out dividends until the expected delivery dates of both the Leiv Eiriksson and the Eirik Raude. Because Valiant Offshore’s board of directors and management will have broad discretion over the use of the net proceeds from the offering, you may not agree with how it will use the proceeds, and Valiant Offshore’s board of directors and management may not invest the proceeds successfully or apply the proceeds effectively.Valiant Offshore intends to use the net proceeds from the offering together with a contribution-in-kind from Ocean Rig to finance the acquisition of the Leiv Eiriksson from a subsidiary of Ocean Rig and for general corporate purposes including working capital. However, Valiant Offshore’s board of directors and management may use any of the net proceeds from the offering for other purposes, at their discretion including if the Leiv Eiriksson is not delivered to Valiant Offshore. Accordingly, you will be relying on the judgment of Valiant Offshore’s board of directors and management with regard to the use of the proceeds of the offering, and you will not have the opportunity, as part of your investment decision, to influence how the proceeds are being used. Valiant Offshore’s failure to apply the funds received in the offering effectively may adversely affect Valiant Offshore’s business and may lead to a loss of part or all of your investment.  3 

 Risk factors (2/3)  Valiant Offshore is incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law or bankruptcy law, and as a result, shareholders may have fewer rights and protections under Marshall Islands law than under a typical jurisdiction in the United States.Valiant Offshore’s corporate affairs are governed by its amended and restated articles of incorporation, its bylaws and by the Marshall Islands Business Corporations Act, or the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in existence in certain United States jurisdictions. Shareholders’ rights may differ as well. While the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions, shareholders may have more difficulty in protecting their interests in the face of actions by management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction.There is currently no market for Valiant Offshore’s common stock and although Valiant Offshore intends to list the shares sold in the offering on the Norwegian over-the-counter market (“N-OTC”), there is no guarantee that a liquid market in the shares will develop in the foreseeable future.There is currently no market for Valiant Offshore’s common stock. While Valiant Offshore expects to list its shares on the N-OTC following the closing of the offering under the ticker symbol "VAL", there is no guarantee that that a liquid market in Valiant Offshore’s shares will develop at any time in the foreseeable future. The lack of a market in the common shares may impair your ability to sell the shares acquired in the offering at a time you wish to sell them or at a price considered to be reasonable. In the event that a market develops, we expect that it may be volatile and illiquid. Valiant Offshore shares may be immediately tradeable on the N-OTC in transactions by persons that are not affiliated with Valiant Offshore, in transactions that are not pre-arranged with a U.S. buyer and are otherwise conducted in compliance with Rule 904 of Regulation S. Affiliates of Valiant Offshore may be restricted from reselling their shares on the N-OTC market and may only resell their shares in compliance with Rule 903 of Regulation S or pursuant to another available exemption from the registration requirements of the Securities Act.The securities being offered by Valiant Offshore in the offering will be restricted shares of common stock for U.S. securities law purposes and an investment in its common stock may be illiquid.Valiant Offshore is offering shares of its common stock pursuant to applicable exemptions from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) which imposes substantial restrictions on the transfer of such securities. All certificates which evidence the shares purchased in the offering (along with any electronic shares held in book entry form) will be inscribed with a printed legend which clearly describes the applicable restrictions on transfer or resale by the owner thereof. Accordingly, each investor should be aware of the long-term illiquid nature of his investment. In no event may such securities be sold, pledged, hypothecated, assigned or otherwise transferred unless such securities are registered under the Securities Act and applicable state securities laws or we receive an opinion of counsel that an exemption from registration is available with respect thereto. Regulation S is the primary exemption for resales of restricted securities outside of the U.S. and is discussed in the risk factor above. Rule 144, the primary exemption for resales of restricted securities in the U.S. is only available for securities of issuers providing current information to the public. Valiant Offshore currently does not make such information available precluding reliance on Rule 144. Shares held by non-affiliates of an issuer that is not a reporting company are restricted in the hands of holders for a period of twelve months under Rule 144. Thus, each investor in the offering who intends to rely on Rule 144 to sell its shares, should be prepared to bear the risk of such investment for a period of at least twelve months, especially if an active and liquid market for Valliant’s securities does not develop on the N-OTC. Valiant Offshore’s majority shareholder, Ocean Rig, may significantly influence matters to be voted on and its interests may differ from, or be adverse to, the interests of you or any other shareholders.Valiant Offshore’s majority stockholder, Ocean Rig., controls 100% of its outstanding common stock prior to this offering. Following the offering, it is expected that Ocean Rig will own 57.8% of the shares of our common stock and investors in the offering will own 42.2% of the shares in our common stock. Accordingly, Ocean Rig will possess significant influence over Valiant Offshore on matters submitted to the stockholders for approval, including the election of directors, mergers, consolidations, the sale of all or substantially all of its assets, and also the power to prevent or cause a change in control. This amount of control gives Ocean Rig a substantial ability to determine Valiant Offshore’s future business decisions. The interest of Ocean Rig may differ from the interests of you or any other shareholders and could therefore result in corporate decisions that are adverse to you or other shareholders. Ocean Rig is likely to hold a significant ownership interest in the Company and thus exercise a significant amount of control even if it fails to deliver either or both rigs in accordance with the relevant Memorandum of Agreements.  4 

 Risk factors (3/3)  Valiant Offshore has a limited number of rigs and customersValiant Offshore relies heavily on a relatively small number of customers and the loss of a significant customer or a dispute that leads to the loss of a customer could have a material adverse impact on Valiant Offshore's consolidated statement of financial position, results of operations or cash flows. The loss of any of these customers or another significant customer, or a decline in payments under any drilling contract, could, at least in the short term, have a material adverse effect on results of operations and cash flows. In addition, any drilling contracts are subject to counterparty risks. Should a counterparty fail to honour its obligations under an agreement with Valiant Offshore, we could sustain losses, which could have a material adverse effect on our business, financial condition, results of operations or cash flows.The damage or loss of the Eirik Raude and the Leiv Eiriksson could have a material adverse effect on our results of operations and financial condition.Valiant Offshore’s revenues will be dependent on the Leiv Eiriksson, which is operating offshore Norway, and the Eirik Raude which is currently uncontracted and cold stacked in Greece.These drilling units may be exposed to risks inherent in deepwater drilling and operating in harsh environments that may cause damage or loss. The drilling of oil and gas wells, particularly exploratory wells where little is known of the subsurface formations involves risks, such as extreme pressure and temperature, blowouts, reservoir damage, loss of production, loss of well control, lost or stuck drill strings, equipment defects, punch throughs, craterings, fires, explosions, pollution and natural disasters such as hurricanes and tropical storms.In addition, offshore drilling operations are subject to perils peculiar to marine operations, either while on-site or during mobilization, including capsizing, sinking, grounding, collision, marine life infestations, and loss or damage from severe weather. The replacement or repair of a drilling unit could take a significant amount of time, and we may not have any right to compensation for lost revenues during that time. As we currently are only expected to have two drilling units in our our fleet (one of which is currently in operation) serious damage to one of the drilling units could materially reduce our revenues for the time that drilling unit is out of operation. In view of the sophisticated design of the drilling units, we may be unable to obtain a replacement unit that could perform under the conditions that our drilling units are expected to operate, which could have a material adverse effect on our results of operations and financial condition.For a more comprehensive discussion of risks relating to the oil and gas industry generally and our parent company, Ocean Rig, please see the section titled “Risk Factors” in Ocean Rig’s annual report on Form 20-F for the year ended December 31, 2017, filed with the U.S. Securities and Exchange Commission on March 15, 2018.  5 

     Table of contents   Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix    6 

 2x HE semi-submersible rigs  Transaction overview  Valiant Offshore Inc.(Marshall Islands)USD 415m  Establishing a new pure-play platform in the harsh environment market  New investorsUSD 175m  ORIGUSD 240m  ~42.2%  Valiant Offshore to be a newly established offshore drilling company focused on harsh environment (“HE”) drillingValiant Offshore has entered into an agreement to acquire, among others, two HE semi-submersible rigs from Ocean Rig UDW Inc. (NASDAQ:ORIG) (“ORIG”) Leiv Eiriksson, on contract with LundinEirik Raude, to be delivered fully reactivated and suitable for work in Norway All relevant inventories (spares/capital equipment), estimated to be worth ~USD 40mOperational base in Norway plus offshore personnel related to the two HE semi-submersible rigsAttractive price of USD 350m with consideration in the form of Equity contribution (in-kind) of USD 240m from ORIGCash of USD 110m from Equity OfferingNo interest bearing debt on the balance sheetAdditional growth opportunities being explored  ~57.8%  100%  Management agreement  Transaction structure (simplified)  Commentary  Leiv Eiriksson (“LE”)(2001)  Eirik Raude (“ER”)(2002)  On contract  To be reactivated  7  Operational base (Norway) 

 Valiant Offshore – Harsh environment pure-play  Two high-quality 5th generation HE semi-submersible rigsProven track record with a loyal blue-chip client base (~USD 2.4bn in aggregate EBITDA since 2002)Master Services Agreement signed with ConocoPhillips for a term of 3 years, plus 2 optional yearsExisting backlog of ~USD 132m (incl. options) with Lundin and ConocoPhillips   High Quality HE Fleet and Established Track Record  Pure-Play and Lean Setup  Focus on Shareholder Value  Pure play on harsh environment through a new setup taking over offshore personnel and base in NorwayExperienced management with strong backing from ORIGLean and attractive cost structure  Low entry cost at attractive multiplesCommitted to pay 100% of net profit as dividends after the expected delivery date of both rigsThree directors independent of ORIG, forming a majority on the boardNo marketing conflicts with ORIG as Valiant Offshore is purely focused on HE“Best-in-class” balance sheet with no interest bearing debt or legacy issuesAdditional growth opportunities being explored (existing, newbuilds, consolidation or a combination)   Strengthening Market Fundamentals    Direct exposure to a recovering HE marketRig specification and quality well suited for the projected demandHE demand expected to outstrip supply  8 

 Equity Offering details  Amount:   Gross proceeds of USD 175m  Offer price:   USD 10.0 per share  # of offer shares:   17,500,000 common shares, each with a par value of USD 0.01  # of shares:   ORIG: 24,000,000 common shares, each with a par value of USD 0.01Total (pro-forma): 41,500,000 common shares, each with a par value of USD 0.01  Ownership:  ~57.8% ORIG~42.2% new investors  Listing and ticker:  The new shares will be listed on the Norwegian over-the-counter market (N-OTC). Company intends to list on Oslo Stock Exchange (OSE) in 3Q18. Ticker: “VAL”  Use of proceeds:  Net proceeds from the Equity Offering shall be used as part payment for the acquisition of the Leiv Eiriksson, for working capital and for general corporate purposes  Minimum order and allocation amount:  USD equivalent of EUR 100,000, provided that the Company reserves the right to, at its sole discretion, allocate lower amounts to investors that qualify as “professional investors” pursuant to the Norwegian Securities Trading Act and Ancillary regulations  Allocation:   The allocation will be made at the sole discretion of the Company’s Board. The Board will focus on criteria such as (but not limited to), perceived investor quality, timeliness of the order and investment horizon  Application period:   Start of application period: 29 May-18 at 15:30 CETEnd of application period: 7 Jun-18 at 16:00 CETBook may be closed earlier or later at the Company’s discretion  Settlement and trading:  Payment date: On or about 11 Jun-18Delivery date: On or about 11 Jun-18  Closing conditions:  The issue of offer shares is subject to all necessary corporate resolutions being passed, including the sole shareholder’s approval of the share capital increase and Board’s approval of the allocation of the offer shares.  Documentation:  This Presentation, application agreement and term sheet, all dated 28 May-18  Leiv Eiriksson:  Leiv Eiriksson will be delivered to Valiant Offshore when the required novation of the relevant drilling contracts is in place, expected to be within 90 days after the closing of the offering  Eirik Raude:   Eirik Raude will be delivered to Valiant Offshore following reactivation. Delivery is expected within 12-15 months, no later than 18 months after the closing of the offering. On Completion, ORIG will receive approximately USD 215m in shares and hold ~57.8% of the issued share capital of Valiant Offshore. The shares will be held by ORIG, and will pledged and blocked in favour of Valiant Offshore until Eirik Raude is delivered to Valiant Offshore. In the event the Eirik Raude is not delivered after reactivation, 21,500,000 shares shall be returned to Valiant Offshore and cancelled. Valiant Offshore will not pay out dividends until the expected delivery dates of both the Leiv Eiriksson and the Eirik Raude  Managers:   Clarksons Platou Securities AS and Pareto Securities AS as joint lead managers and bookrunners, ABN AMRO Bank N.V. as joint lead manager and Nordea Bank AB (publ), filial i Norge as co-manager (together referred to as the “Managers”, each a “Manager”)  9 

 Sources of funds  USDm  ORIG, equity contribution (in-kind)  240  New investors, Equity Offering  175  Sum  415        Uses of funds  USDm  Acquisition of LE (on contract) and ER (to be reactivated)  350  Working capital  25  General corporate purposes  30  Transaction costs  10  Sum  415  Estimated sources and uses of funds  Sources and uses of funds  Sources of funds include a combination of Equity Offering and equity contribution (in-kind): New investors: USD 175mORIG: USD 240mValiant Offshore to acquire:LE, 2001 built HE semi-submersible rig (including the existing Lundin and ConocoPhillips contracts) for USD 135m, of which USD 110m in cash and USD 25m in sharesER, 2002 built HE semi-submersible rig (to be reactivated and suitable to operate in Norway) for USD 215m in sharesInventories (spares/capital equipment), estimated to be worth ~USD 40m, and the rigs will come with 17.5k ft of total riser between them Operational base in Norway plus offshore personnel related to the two HE semi-submersible rigsER will be delivered to Valiant Offshore following reactivation:Delivery is expected within 12-15 months, no later than 18 monthsOn Completion of the Equity Offering, ORIG will receive USD 215 million in shares and hold ~57.8% of the issued share capital of Valiant OffshoreThe shares will be held by ORIG, and will be pledged and blocked in favour of Valiant Offshore until ER is delivered to Valiant Offshore  10 

   Table of contents   Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix    11   

         Successful operations in HE and benign areas for several blue chip clients  Leiv Eiriksson            Eirik Raude  Clients (operators)  Top 5 clients*  *Based on contract duration         Clients (operators)                    Canada~2 years  NW Europe~2 years  US GoM~1.5 years  Falkland Island~1 year  West of Africa~5 years      Regional drilling experience overview                        Greenland~1 year  NW Europe~6.5 years  Black Sea~1.5 years  Falkland Island~1 year  West of Africa~5 years  Top 5 clients*  Regional drilling experience overview  12 

     ~USD 2.4bn in EBITDA since 2002  Leiv Eiriksson and Eirik Raude with combined EBITDA of ~USD 2.4bn since first operational yearLeiv Eiriksson with ~USD 1.1bnEirik Raude with ~USD 1.3bn  USDm  EBITDA per year for Leiv Eiriksson and Eirik Raude 2002-2017  Source: Pareto Securities Equity Research   13 

 HE specialistWinterized to DNV GL OS A201 BASIC classification for operations to -20°CCold climate training to crew by NorthQPOSMOOR-ATA notation with 8ea RR anchor winches, 2000m 84mm R5 chainDP class 3 Kongsberg K-Pos with 6ea Rolls Royce 100mt thrustersBingo 9000 design hull with class leading WoW characteristicsExcellent performance>97% operating efficiency since 20152.0% WoW during full year ops in Barents Sea (Jul-16 to today)DifferentiatorsConsistent and high performing crew since 2013>800 days drilling in Barents SeaNewly installed 5 ram Cameron BOP complete with casing super shear ramWell maintained rig in good conditionIntermediate survey for LE completed Mar-18, total cost of USD 15mNext special periodic survey due in 2021  Leiv Eiriksson – A superior HE rig  14 

 Leiv Eiriksson – Strong existing backlog  Lundin contract  ConocoPhillips contract  Ongoing contract with Lundin Norway AS (“Lundin”) since Jul-16Firm period estimated through Aug-18Six one-well options  Master Services Agreement (MSA) signed with ConocoPhillips Skandinavia AS (“ConocoPhillips”) for a term of 3 years, plus 2 optional yearsDrilling Program Order (DPO) signed for one firm well of about 90 days, plus two options  15  Existing revenue backlog of ~USD 132m (1)  (1) Includes optional period for Lundin contract and firm and optional period for ConocoPhillips contract  2018                    2019                              2020              M  J  J  A    S  O  N    D  J  F  M  A    M  J    J  A    S  O  N  D  J  F  M  A  M  J  J  Lundin Firm        7th Optional        8th Optional      9th Optional      10th Optional      11th Optional      12th Optional      COP Firm      1st Optional      2nd Optional     

 Eirik Raude – Reactivated to same condition as Leiv Eiriksson  ORIG will reactivate the rig and ensure it is suitable for operation in NorwayBased on gap analysis performed by third partyBased on verification performed by third partyRig presently in “preservation stack” mode in Astakos, GreeceRig will be towed and reactivated in Las PalmasSummary of scope of workReactivation of subsea, drilling and marine (incl. thrusters) equipmentClass recertificationBOP upgrade to 5 ramCrane upgrades to comply with NORSOKNew 8-point mooring system installedWinterized to DnV BASIC notation (-20°C)68 joints of certified 75ft. riser (i.e. total of approximately 5k ft.) Estimated total cost of ~USD 106.6m to be completed within 12-15 months  ORIG responsible for reactivation  16 

 Eirik Raude – Summary reactivation budget  17  Work scope (all figures in USDm)  Materials  Services  Shipyard  Grand total  Project team  -  3.1  -  3.1             Reactivation           On-Board survey with OEM  -  0.4  -  0.4  Rig towage  -  0.8  -  0.8  SPS and UWILD  0.5  1.5  -  2.0  Thrusters  -  5.5  -  5.5  Engines  1.0  -  -  1.0  Accommodation (cleaning and outfitting)  -  1.0  -  1.0  Drilling equipment  6.7  4.7  -  11.4  Well control equipment  6.5  5.4  -  11.9  Electrical and control reactivation  0.5  0.5  -  1.0  Steel, piping and paint works  0.6  6.0  -  6.6  Lubricants  0.3  -  -  0.3  Subtotal  16.1  25.7  -  41.8             AoC/Norway requirements           Finding from GAP analysis  -  1.5  -  1.5  Cranes  3.0  0.5  -  3.5  ROPS  3.2  0.5  -  3.7  Drill-floor (pipe & hand-off operations)  0.6  0.3  -  0.8  Subtotal  6.8  2.8  -  9.5             Upgrades           BOP 5 cavity  2.0  1.5  -  3.5  8 points mooring system  10.0  10.0  -  20.0  Winterization and HVAC (all units)  11.5  5.0  -  16.5  Ballast water management  1.0  0.5  -  1.5  Subtotal  24.5  17.0  -  41.5             Shipyard costs           Fuel consumption  -  -  1.9  1.9  Shipyard services  -  -  6.0  6.0  Commissioning, SIT & sea-trial with OEM  -  -  0.5  0.5  Lightweight or inclining experiment  -  -  0.3  0.3  Project logistics, insurance, etc.  -  -  2.0  2.0  Subtotal  -  -  10.7  10.7                       Grand total  47.4  48.5  10.7  106.6 

 Estimated USD 40m worth of inventories(1)  18  A significant amount of inventories (spares and capital equipment) will be sold along LE/ERLE: ~USD 19mER: ~USD 21m  Leiv Eiriksson (USDm)  Eirik Raude (USDm)  Drilling  7.4  Well control  5.3  Auxiliary systems  3.3  Engines  0.7  Thrusters  0.2  Other  3.7  Total  20.6  Drilling  6.6  Well control  5.6  Auxiliary systems  2.9  Engines  0.8  Thrusters  0.2  Other  3.0  Total  19.1  Rigs will come with 17.5k ft. of total riser between them, on top of significant inventories  (1) Based on original cost  

 Comparison of HE capable rigs  19   Rig  LE/ER  COSL HE rigs  Island Innovator  North Sea Rigs  Cat-D  Midwater NB  Mira/Bollsta/Rigel  Owner  ORIG  COSL  Island Drilling  NODL/Hayfin  Design   Trosvik Bingo 9000  GM 4000  GM 4000  GM-4D  GVA 4000 NCS  CS60 ECO MW  CS60 E/MK  Yard  Dalian/Friede Goldman  CIMC Raffles  COSCO Nantong  CIMC Raffles  DSME  Keppel  HHI/Jurong  Hull shape  Semi  Semi  Semi  Semi  Semi  Semi  Semi  Built  2001/2002  2010-2012  2012  2018-2019  2016  2021  2020  Rig water depth (ft)  7,500/10,000  1,640  2,300  1,650  1,640  5,000  10,000  Drilling depth (ft)  30,000  25,000  26,247  26,247  28,000  35,000  40,000  Accommodation   120  120  120  130  130  140  140-150  Survival VDL (mt)  4,847  4,000  4,000  4,000  4,000  5,000  7,100-8,200  Hull Breadth (ft)  279  213  213  242  318  255  255-306  Hull Length (ft)  392  343  343  350  381  389  402  Displacement, operating (mt)  53,400  36,400  38,040  45,700  58,640  60,000  74,000-80,000  DP system  DP3  DP3  DP3  DP3  DP3  Moored  DP3  Installed power (kW)  45,000  30,660  34,650  33,210  37,800  14,400  38,400-44,000  Air-gap (meters)  13.5  13.5  11.5  n.a  12.6  13  13.5 

   Table of contents   Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix    20   

 Corporate governance principles and listing  Board of directors to consist of:2x members from ORIG:Anthony KandylidisJohn Simon3x independent members: David FrischkornThor Erling KylstadHalvdan StrandNew shares to be listed on N-OTC (ticker: “VAL”) and Company intends to list on Oslo Stock Exchange in 3Q18No market conflicts and commitment from ORIG on marketing  21 

   Management team and Board of Directors   Pankaj Khanna – Chief Executive OfficerCurrent Position: President and CEO of ORIGPrevious: Founder and CEO of Pioneer Marine Inc., CMO of ORIG, COO of DRYSEducation: Blackpool, Fleetwood Nautical Campus, London Metropolitan University  Anthony Kandylidis – ChairmanCurrent Position: Executive Vice Chairman of ORIG, President and CFO of DRYSPrevious: President and CFO of ORIG, founder of OceanFreightEducation: MIT, Brown University  John SimonCurrent Position: Director of ORIG, Director and Risk Committee Chairman of Nine Point EnergyPrevious: Over 40 years experience in onshore and offshore E&P, CEO at Bennu Oil & Gas, SVP Global E&P Services at HessEducation: Texas A&M University – Kingsville  Thor Erling KylstadCurrent Position: Independent finance/shipping executivePrevious: More than 30 years of experience with Nordea Bank, mainly within ship finance. Various managerial positions in Oslo and international offices in Luxembourg, Singapore and LondonEducation: Universitat Mannheim  David FrischkornPrevious: Over 40 years of experience in investment banking for the Energy sector, most recently as Managing Director of Seaport Global, Vice Chairman of Dahlman Rose, Managing Director at JefferiesEducation: Columbia Business School, Tufts University, Karl Eberhart University  Management  Board of Directors  Halvdan StrandPrevious Positions: Over 40 years of experience in the offshore drilling industry. Joined ORIG in 1998 and served in numerous technical and operations positions, until his retirement as Head of Operations in 2016.Previously with Transocean and Golar NOR Offshore  22  David Cusiter – Chief Operations OfficerCurrent Position: COO of ORIGPrevious: Joined ORIG in 1996 as Chief Engineer, having since served as VP New Building & Special Projects, VP Engineering & Projects, VP TechnicalEducation: Glasgow Nautical College  Iraklis Sbarounis – Chief Financial OfficerCurrent Position: CFO, Secretary and Director of ORIGPrevious: VP Business Development of ORIG, commercial, investment, and corporate finance positions with shipping and offshore companies, BNP ParibasEducation: LSE, MIT  Rune Kvål – Operations & Technical ManagerCurrent Position: Operations and Technical Manager of ORIGPrevious: Operations Manager and Rig Manager for Transocean, various field level positions SchlumbergerEducation: University of Stavanger 

 Strong free cash flow potential  A dayrate of USD 300-350k/day returns EBITDA of USD 90-123m for Valiant OffshoreFree cash flow of USD 81-114m equal to 23-33% of cost  Day rate  USDk/day  200  250  300  350  400  Opex  "  130  130  130  130  130  Utilization   %  85%  85%  93%  93%  93%  Net revenues (1)  USDm  122  152  200  233  266  Opex  "  (95)  (95)  (95)  (95)  (95)  G&A (2)  "  (15)  (15)  (15)  (15)  (15)  EBITDA  "  12  42  90  123  156  SPS   "  (5)  (5)  (5)  (5)  (5)  Maintenance  "  (4)  (4)  (4)  (4)  (4)  Net cash flow  "  3  33  81  114  147                       Value  "  350  350  350  350  350  EV/EBITDA  x  29.9  8.3  3.9  2.8  2.2  Net cash flow / Cost   %  1%  9%  23%  33%  42%  Pro-forma earnings potential (LE & ER)  Net cash flow yield (%)  23  Dayrate (USDk/day)  1) Net revenues include taxes calculated as 1% of revenues and commercial fees of 1% of all monies earned on any new drilling contract entered into after commencement of the contract2) G&A includes management fees of USD 15,500/day/rig Please see the “Management agreement” slide 38 in Appendix for further details  

 Floater asset values  (1) ER/LE avg. implied values prior to acquisition by Dryships(2) Basket of traded US and Norwegian offshore drillers(3) Based on ODL, RIG (only HE 6G) and NODL share prices as of 23 May-18Source: Pareto Securities Equity Research  Valiant offshore compared to historical implied and current implied trading levels   24  USDm  (1)  (2)  (3) 

 Leverage strong HE market for accretive growth  Zero debt, lean set-up & improving market provide opportunity for growthGrowth opportunities include:Second hand, newbuild (stranded/resale) or newbuild (new order) HE semi-submersible rigsIn dialogue with yards for attractive newbuild slotsM&A / Consolidation with existing playersCompany open to rolling up acquisitions or being acquired / merged  25 

   Table of contents   Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix    26   

   27  Oil price in the right zip code for improved rig demand  Europe Brent Spot Price  Source: Thomson Reuters  USD 

 Source: Pareto Securities Equity Research, IHS-Petrodata  HE dayrates on the rise  Recent NCS fixtures with public dayrates  Deepsea Nordkapp booked in at ~USD 325k/day and Deepsea Stavanger, Deepsea Atlantic, Transocean Spitsbergen and West Phoenix at dayrates in the high USD 200k/dayContracted utilization is close to 100% for premium assets  28  HE showing clear signs of recovery  Date  Operator  Rig name  Manager  Start   End  Day rate  Apr-18  Aker BP  Deepsea Nordkapp  Odfjell   Jun-19  Jun-21  325,000  Apr-18  Equinor  Deepsea Atlantic  Odfjell   Mar-19  Aug-20  292,000  Dec-17  Aker BP  Deepsea Stavanger  Odfjell   Apr-19  Apr-20  288,000  Dec-17  Equinor  Transocean Spitsb.  Transocean  Jul-19  Mar-22  289,000  Dec-17  VNG   West Phoenix  NADL  Jan-20  Sep-20  285,000  Nov-17  DEA  Transocean Arctic  Transocean  Jun-19  May-20  200,000  Aug-17  Wintershall  West Phoenix  NADL  Jan-18  Mar-18  180,000  Aug-17  Aker BP  Deepsea Stavanger  Odfjell   Feb-18  Nov-18  250,000  May-17  Equinor  Deepsea Bergen  Odfjell   Apr-18  May-18  130,000  Apr-17  Equinor  Bideford Dolphin  Dolphin  May-17  Aug-17  172,000  Apr-17  Wellesley   Deepsea Bergen  Odfjell   Aug-17  Sep-17  120,000  Mar-17  OMV  Deepsea Bergen  Odfjell   Nov-17  Apr-18  120,000  Jan-17  Equinor  Bideford Dolphin  Dolphin  Feb-17  Mar-17  175,000  Dec-16  Faroe   Deepsea Bergen  Odfjell   May-17  Jul-17  120,000  Feb-16  Lundin   Leiv Eiriksson  Ocean Rig  Jul-16  Mar-17  145,000  Jan-16  ENGIE  Transocean Arctic  Transocean  Jul-16  Sep-16  179,000 

 Norway a bright spot – Lifting HE semi demand  Number of wells sanctioned under PDO by rig type (PDO delivery year)  2009-12  2013-16  2017-18e    Source: Pareto Securities Equity Research  29 

 HE demand to outstrip 6G supply  Notes: Incl. UK, Canada and other HE regions Excluding Stena IceMaxSource: Pareto Securities Equity Research  NCS capable HE floater supply and demand balance    LE/ER  30  5  Stacked scrap candidates   

     6G HE floater fleet  Source: Pareto Securities Equity Research  5G HE floater fleet  2G-4G HE floater fleet  RIG  COSL  ODL  SDRL/NADL  North Sea Rigs  NODL  Breakwater/Hayfin  Island Innovator  Diamond  Saipem  NCS approved 6G HE floater fleet  NCS approved 5G HE floater fleet  NCS approved 2G-4G HE floater fleet          RIG  COSL   ODL  SDRL/NADL  Island Innovator  Saipem  ORIG  NADL   ORIG  NADL   RIG  FOE  Awilco  Stena  ODL  Borr  Saipem  NADL  Diamond  RIG  FOE  Saipem  NADL   ODL  Stena  31  HE floater market dominated by few players  26  4  27  15  4  12 

 Contract overview  Source: Pareto Securities Equity Research, IHS-Petrodata  Overview of HE floaters currently under contract    Contract    Option    Option exc.     Yard  32            2018                        2019                        2020                        2021                        2022                        Rig  Manager  Built  Region  Client  Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4      Songa Enabler  RIG  2016  NOR  Equinor                                                                                                                                                                                      Songa Encourage  RIG  2015  NOR  Equinor                                                                                                                                                                                      Songa Endurance  RIG  2015  NOR  Equinor                                                                                                                                                                                      Songa Equinox  RIG  2015  NOR  Equinor                                                                                                                                                                                      Transocean Spits.  RIG  2010  NOR  Equinor                                                                                                                                                                                      Deepsea Aberdeen  Odfjell  2014  UK  BP                                                                                                                                                                                      Deepsea Nordkapp  Odfjell  2018  NOR  Aker BP                                                                                                                                                                                      West Phoenix  NADL  2008  NOR  Wintershal/AOC/VNG                                                                                                                                                                                      Deepsea Atlantic  Odfjell  2009  NOR  Equinor                                                                                                                                                                                      Ocean Patriot  Diamond   1983  UK  Shell/Apache                                                                                                                                                                                      Transocean Arctic  RIG  1986  NOR  Aker BP/Well/Faroe/DEA                                                                                                                                                                                      Deepsea Stavanger  Odfjell  2010  SA/NOR  Wint./Total/Aker BP                                                                                                                                                                                      Ocean Great White  Diamond   2016  MYS  BP                                                                                                                                                                                      Ocean Valiant  Diamond   1988  UK  Maersk                                                                                                                                                                                      WilPhoenix  Awilco   1982  UK  Apache/tba/tba                                                                                                                                                                                      COSLPromoter  COSL  2012  NOR  Equinor                                                                                                                                                                                      Paragon MSS1  Borr  1979  UK  TAQA                                                                                                                                                                                      Scarabeo 8  Saipem  2012  NOR  Shell/Total/Aker BP                                                                                                                                                                                      Transocean Leader  RIG  1987/1997  UK  Enquest/Azinor                                                                                                                                                                                      COSLPioneer  COSL  2010  UK  Nexen                                                                                                                                                                                      West Hercules  Seadrill  2008  UK  Siccar Point/Equinor                                                                                                                                                                                      Transocean Barents  RIG  2009  CAD  Suncor Energy                                                                                                                                                                                      Paul B. Loyd, Jr.  RIG  1990  UK  BP/Husky/Zennor                                                                                                                                                                                      West Aquarius  Seadrill  2009  CAD  BP                                                                                                                                                                                      Transocean 712  RIG  1983  UK  Fairfield                                                                                                                                                                                      Island Innovator  Maracc  2012  NOR  Spirit/DEA                                                                                                                                                                                      Deepsea Bergen  Odfjell  1983  NOR  OMV/Equinor                                                                                                                                                                                      Henry Goodrich  RIG  1985/2007  CAD  Husky                                                                                                                                                                                      Ocean Guardian  Diamond   1985  UK  Decipher                                                                                                                                                                                       COSLInnovator  COSL  2011  NOR  Lundin                                                                                                                                                                                      Stena Spey  Stena  1983  UK  Repsol/Nexen                                                                                                                                                                                      Leiv Eiriksson  Ocean Rig  2002  NOR  Lundin                                                                                                                                                                                      Blackford Dolphin  FOE  1974  UK  BP                                                                                                                                                                                      Stena Don  Stena  2001  UK  Total                                                                                                                                                                                      

   Rig scrapping  33  Source: Pareto Securities Equity Research, IHS-Petrodata  14 HE floaters scrapped since 2014 

   Table of contents   Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix    34   

 Summary  35    Strengthening Market Fundamentals  High Quality HE Fleet and Established Track Record   Pure-Play and Lean Setup  Focus on Shareholder Value         

   Table of contents   Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix    36   

 Acquisition agreements and closing mechanism  ORIG and Valiant Offshore have entered into a Heads of Agreement where Valiant Offshore will acquire a fleet of 2x HE semi-submersible rigs including the existing employment contracts and ORIG’s operational base in NorwayMain terms as follows:Price USD 350m in total payable as follows:USD 25m in shares on closing of the Equity Offering (as security for LE sale)USD 110m in cash on delivery of the LEUSD 215m in shares, as consideration for both LE and ERAll shares issued on completion of the Equity OfferingShares pledged and blocked in favour of Valiant until delivery of the ER following reactivationDelivery:LE within 90 days from closing, in between wells, offshore NorwayER within 12-15 months but not later than 18 months after the closing of the offering, ex-yard, intention Las PalmasCondition:LE: “where is, as is”, in class with no overdue conditions/recommendationsER: As per agreed Scope of Works verified by a 3rd partyRigs sold with everything belonging to them whether aboard, on shore or on orderSale to include novation of the existing contracts with Lundin and ConocoPhillips for the LE (ORIG PCG to be replaced by Valiant PCG)If Lundin’s or ConocoPhillips’ approval is not obtained, sale to be restructured as sale of SPAs with ORIG PCG remaining in place and Valiant issuing a counter-guaranteeSales contracts:For LE/ER: As per NSF 2012 with logical amendmentsFor Norway operational base SPA to acquire the shares of Primelead Ltd. with customary reps and warranties  37 

 Management agreement  38  Manager: Ocean Rig Management Inc., a subsidiary of ORIGManagement agreement covers all rigs owned by Valiant OffshoreCustomary scope for commercial, technical and administrative services (including executive management) includedManagement fees of USD 15,500/day/rigReduced to USD 12,500/day/rig if Valiant holds six or more rigsMonthly invoicing and paymentsManagement fees are payableFor LE, from completion of the Equity OfferingFor ER, from 6 months prior to delivery to Valiant OffshoreCommercial fees of 1% of all monies earned on any new drilling contract entered into after commencement of the contract12 months' notice period for termination by both parties; or 5 days' notice if terminated with causeGoverned by the laws of England and Wales; disputes to be settled through London Maritime Arbitration Association rules 

 Corporate chart (pro-forma)  39  Valiant Offshore Inc.(Marshall Islands)  Valiant Norway Operations Inc.(Marshall Islands)  Valiant Owners Inc.(Marshall Islands)  Primelead Limited(Cyprus)  Valiant Owners 1 Inc.(Marshall Islands)  Valiant Owners 2 Inc.(Marshall Islands)  Ocean Rig AS(Norway)  Ocean Rig North Sea AS(Norway)  Leiv Eiriksson(2001)  Eirik Raude(2002)  100%  100%  100%  100%  100% 

 2018 RUNNING COST FORECAST                        FY 2018 RUNNING COST FORECAST  FY 2018 DAILY RUNNING COST FORECAST  LEIV EIRIKSSON                            (in USD)       JUL  AUG  SEP  OCT  NOV  DEC      CREW COST      2,530,943  2,530,943  2,530,943  2,530,943  2,530,943  2,530,943  30,136,249  82,565  CATERING       253,497  253,497  251,739  253,497  251,739  253,497  3,129,140  8,573  TOTAL CATERING      253,497  253,497  251,739  253,497  251,739  253,497  3,129,140  8,573  SERVICE PERSONNEL                      SERVICE HANDS FOR MAINTENANCE      106,000  105,600  0  0  0  38,200  684,300  1,875  INSPECTIONS      106,920  22,260  7,020  39,520  43,020  22,270  776,630  2,128  TOTAL SERVICE PERSONNEL      212,920  127,860  7,020  39,520  43,020  60,470  1,460,930  4,003  REPAIRS AND MAINTENANCE                       REPAIRS & MAINTENANCE      477,715  502,031  452,715  501,215  432,715  456,215  6,440,101  17,644  AIR FREIGHT      4,167  4,167  4,167  4,167  4,167  4,167  50,000  137  OTHER FREIGHT      33,750  33,750  33,750  33,750  33,750  33,750  405,000  1,110  CUSTOM DUTIES      0  0  0  0  0  0  0  0  TOTAL REPAIRS AND MAINTENANCE      515,631  539,947  490,631  539,131  470,631  494,131  6,895,101  18,891  INSURANCE                       HULL & MACHINERY (INCL. H&M, IV, HI, FI, LOH MARINE, LOH WAR)      159,812  159,812  159,812  159,812  159,812  159,812  1,917,747  5,254  WAR RISKS      2,917  2,917  2,917  2,917  2,917  2,917  35,000  96  PROTECTION & INDEMNITY      17,138  17,138  17,138  17,138  17,138  17,138  205,652  563  OTHER INSURANCES      7,021  7,021  7,021  7,021  7,021  7,021  84,250  231  TOTAL INSURANCE      186,887  186,887  186,887  186,887  186,887  186,887  2,242,649  6,144  CREW RESOURCE POOL                      REGIONAL CREW RESOURCE POOL                            GLOBAL CREW RESOURCE POOL                            TOTAL CREW RESOURCE POOL      0  0  0  0  0  0      OTHER RUNNING COST                       TELECOMMUNICATIONS      115,233  115,233  115,233  115,233  115,233  115,233  1,382,800  3,788  OTHER RUNNING COST      68,889  54,222  60,030  68,733  54,222  60,030  756,069  2,071  TOTAL OTHER RUNNING COST      184,123  169,455  175,263  183,967  169,455  175,263  2,138,869  5,860  WAREHOUSES                       WAREHOUSE EXPENSES      21,318  21,318  21,318  21,318  21,318  21,318  255,821  701  TOTAL WAREHOUSE      21,318  21,318  21,318  21,318  21,318  21,318  255,821  701  CLIENT SERVICES      0  0  0  0  0  0  0  0  FUEL       0  0  0  0  0  0  0  0          0  0  0  0  0  0  0  0  TOTAL RUNNING COST      3,905,319  3,829,908  3,663,802  3,755,263  3,673,994  3,722,510  46,258,760  126,736  Leiv Eiriksson – Running costs (opex) forecast for 2018  40    Opex 

 2018 NEW RIG SPECIAL ITEMS          RIG NAME:  Leiv Eiriksson        CATEGORY  DESCRIPTION  PRIORITY  COMMENTS / JUSTIFICATION   Regulatory/Safety   DL Upper Annular  1  CoC refresh prior installation   Regulatory/Safety   Single "Kill" isolation valve  1  CoC Certification   Regulatory/Safety   Single "choke" isolation valve  1  CoC Certification   Regulatory/Safety   Double "Upper Choke" Valve  1  CoC Certification   Regulatory/Safety   Double "Lower Choke" Valve  1  CoC Certification   Regulatory/Safety   Rops Terminal Recertification  1  CoC Certification   Regulatory/Safety   Turbocharger A&B - Diesel Engine D2  1  Maintenance    Regulatory/Safety   Rops Joint  1  CoC Certification   Improvement   Tugger Winch   3  Spare eqt f/ Maintenance   Improvement   2 x Failsafe Valves   3  Spare eqt as per Procedure   Improvement   Wellhead Connector   3  Spare eqt as per Procedure   Improvement   Pipe handling, monkey tail-in  2  Improve efficiency for stabbing   Regulatory/Safety   TL Bonnets  1  CoC Certification   Carry Over   MGE D2 Major overhaul  1              Grand Total (in USD)        2,170,790   Leiv Eiriksson – Special items (capex) forecast for 2018  41 

 2018 G&A FORECAST                              Norway    SVG Office                      AUG  SEP  OCT  NOV  DEC  FY 2018 G&A FORECAST  FY 2018 DAILY G&A COST FORECAST  SALARIES AND EXTRAS      157,264  157,264  153,533  151,153  149,096  174,825  1,724,561  4,725  3RD PARTY SERVICES                      EXTERNAL MANAGEMENT AND ACCOUNTING      0  0  0  0  0  5,600  5,600  15  LEGAL      0  0  4,235  0  0  4,235  16,940  46  AUDIT      0  0  0  0  0  0  79,128  217  CONSULTING       4,199  4,199  4,804  4,199  4,199  4,804  120,774  331  INSURANCES      248  248  248  248  248  248  2,977  8  OTHER      26,893  8,138  8,138  8,138  8,138  15,399  133,475  366  TOTAL 3RD PARTY SERVICES      31,340  12,585  17,425  12,585  12,585  30,286  358,894  983  OFFICE EXPENSES                      OFFICE RENT      8,209  8,209  8,209  8,209  8,209  8,209  98,507  270  TELEPHONE, COMMUNICATION, POSTAGE      6,045  6,408  5,440  6,045  6,408  5,440  70,544  193  COMPUTER SERVICES      449  449  449  449  449  449  9,892  27  OFFICE EQUIPMENT      668  668  668  668  668  668  8,010  22  OTHER OFFICE EXPENSES      1,774  1,774  1,774  1,774  1,774  1,774  21,294  58  TOTAL OFFICE EXPENSES      17,145  17,508  16,540  17,145  17,508  16,540  208,247  571  TRAVEL EXPENSES  TRAVEL EXPENSES    7,684  7,684  7,684  11,314  7,684  7,684  103,818  284  TOTAL TRAVEL EXPENSES      7,684  7,684  7,684  11,314  7,684  7,684  103,818  284  TOTAL G&A       213,433  195,041  195,182  192,197  186,873  229,335  2,395,520  6,563  Norwegian office – G&A forecast for 2018  42 

 Both rigs have received the AoC in the past  43  Eirik Raude  Leiv Eiriksson