Ocean Rig says 97.6% of convertibles exchanged

New York, Nov. 19 - Ocean Rig ASA said 97.6% of its mandatory convertible bonds due August 2005 were tendered into its exchange offer.

In total, holders exchanged NOK 467.863 million of the bonds out of the NOK 479.315 million outstanding.

The Stavanger, Norway, drilling rig operator had been offering a 1% fee to holders who agreed to convert their bonds early. Conversions were at the original conversion price of the securities.

The exchange strengthened the company's balance sheet as it prepares to refinance its corporate debt, Ocean Rig said in a news release.

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