The water level does not change.
Work Step by Step
Interestingly, the fact that the ice bergs are melting does not cause the levels of the ocean to rise. After all, when the ice melts, it will displace an amount of water equal to its own weight. However, when it was ice, it had the same weight, and it already displaced an amount of water equal to its own weight. Thus, the amount of water that is displaced does not change, meaning that the ocean level will not change as a result of the ice melting, either.