PRESS RELEASE                                                       EXHIBIT XIV
November 3, 2004

MCB EXCHANGE OFFER

Ocean Rig offers incentive to holders of Mandatory Convertible Bonds to convert
their bonds into ordinary shares

Ocean Rig has decided to offer all holders of outstanding Mandatory Convertible
Bonds (MCB) issued in August 2002 and maturing in August 2005, an exchange fee
of 1% in return for their acceptance to convert their holdings of such bonds
into ordinary shares in Ocean Rig at the agreed Conversion Price in accordance
with the loan agreement. The offer is valid to18th November 2004 at 16.00 hours
(CET).

The original amount of MCB was approximately NOK 669 million. Approximately NOK
190 million has been converted to ordinary shares since August 2002 and
approximately NOK 479 million is currently outstanding.

According to the loan agreement, the MCB may be converted by holders at any
point in time up to final maturity on 22nd August, 2005 (the Final Conversion
Date). On the Final Conversion Date, Ocean Rig has the right to demand
conversion of any remaining outstanding bonds. In each case, the bonds are
convertible at the Conversion Price (NOK 35 per share). Accordingly, the MCB are
currently booked as debt in Ocean Rig's balance sheet.

By encouraging holders to convert their bonds into shares through the exchange
offer, Ocean Rig is seeking to accelerate a conversion from debt to equity in
order to simplify and strengthen the balance sheet in preparation for a
refinancing of the corporate debt.

Holders of MCB will receive an offer letter from Ocean Rig through
Verdipapir-sentralen (VPS). When the acceptance period is over, the MCB tendered
for conversion will be converted to shares in accordance with the terms of the
loan agreement governing the MCB.

Ocean Rig owns and operates two of the world's largest and most modern drilling
rigs, built for ultra deep waters and extreme weather conditions. One unit is
currently operating offshore Angola and one unit is undergoing preparation for
drilling in the Barents Sea.

NOTE: THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS (WITHIN THE MEANING
OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND
SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED)
WHICH REFLECT THE COMPANY'S CURRENT VIEWS WITH RESPECT TO CERTAIN FUTURE EVENTS
AND FINANCIAL PERFORMANCE. ACTUAL EVENTS OR RESULTS MAY DIFFER MATERIALLY FROM
THOSE PROJECTED OR IMPLIED IN SUCH FORWARD-LOOKING STATEMENTS. THE FOLLOWING
IMPORTANT FACTORS, AMONG OTHER, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM THOSE PROJECTED OR IMPLIED IN ANY FORWARD-LOOKING STATEMENTS: (I) THE
LIMITED OPERATIONS AND OPERATING HISTORY OF THE COMPANY; (II) THE FAILURE OF THE
BINGO 9000 DESIGN TO PERFORM SATISFACTORILY OR THE COMPANY'S FAILURE TO
ADEQUATELY PROTECT THE PROPRIETARY NATURE OF THE BINGO 9000 DESIGN; (III) THE
COMPANY'S SIGNIFICANT LEVERAGE OR INABILITY TO GENERATE SUFFICIENT CASH-FLOW TO
MEET ITS DEBT SERVICE REQUIREMENTS; (IV) THE COMPANY'S INABILITY TO MEET ANY
FUTURE CAPITAL REQUIREMENTS; (V) THE COMPANY'S INABILITY TO RESPOND TO
TECHNOLOGICAL CHANGES; (VI) THE IMPACT OF CHANGED CONDITIONS IN THE OIL AND GAS
INDUSTRY; (VII) THE OCCURRENCE OF ANY ACCIDENTS INVOLVING THE COMPANY OR ITS
ASSETS; (VIII) CHANGES IN GOVERNMENTAL REGULATIONS, PARTICULARLY WITH RESPECT TO
ENVIRONMENTAL MATTERS; (IX) INCREASED COMPETITION OR THE ENTRY OF NEW
COMPETITORS INTO THE COMPANY'S MARKETS; AND (X) UNFORESEEN OCCURRENCES IN ANY OF
THE AREAS IN WHICH THE COMPANY MAY CONDUCT ITS OPERATIONS, SUCH AS WAR,
EXPROPRIATION, NATIONALIZATION, RENEGOTIATION OR NULLIFICATION OF EXISTING
LICENSES OR TREATIES, TAXATION AND RESOURCE DEVELOPMENT POLICIES, FOREIGN
EXCHANGE RESTRICTIONS, CHANGING POLITICAL CONDITIONS AND OTHER RISKS RELATING TO
FOREIGN GOVERNMENTAL SOVEREIGNTY OVER CERTAIN AREAS IN WHICH THE COMPANY WILL
CONDUCT OPERATIONS. DUE TO SUCH UNCERTAINTIES AND RISKS, INVESTORS ARE CAUTIONED
NOT TO PLACE UNDUE RELIANCE UPON SUCH FORWARD-LOOKING STATEMENTS. REFERENCE
SHOULD BE MADE TO THE COMPANY'S FILINGS WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION.

FOR FURTHER INFORMATION, PLEASE CONTACT GEIR AUNE, EXECUTIVE CHAIRMAN,
OR SENIOR VICE PRESIDENT FINANCE CHRISTIAN MOWINCKEL,
TEL: +47   51 96 90 00.

STAVANGER, NOVEMBER 3RD, 2004
OCEAN RIG ASA

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