DRYSHIPS INC. CONTINUES ITS FLEET RENEWAL

December 05, 2007 Athens, Greece, DryShips, Inc., (NASDAQ:DRYS) a global provider of marine transportation services for dry bulk cargoes announced today the following:
• The company has entered into an agreement to purchase a 2001 built, 172,579 dwt Capesize bulk carrier, for US$152.25 million. The vessel will be delivered charter free during the second quarter of 2008.
• The Company has entered into an agreement to sell the 1993 built, 149,475 dwt Capesize bulk carrier, MV Netadola for US$93.9 million. Delivery to the new owners will take place during the first quarter of 2008. Once the sale is concluded the Company expects to realize a gain of approximately US$62.2 million.

George Economou, Chairman and CEO of DryShips Inc., commented “We are pleased to continue with our strategy of fleet renewal. The replacement of MV Nedatola, a 14 year old smaller Capesize vessel, with a 6 year old modern Capesize dry bulk carrier, enhances our earnings potential and the longevity of our cash flow. We continue to take full advantage of the strong fundamentals of the dry bulk industry with our modern fleet.”

About DryShips DryShips Inc. is an international provider of drybulk cargo marine transportation services. Headquartered in Athens, Greece, DryShips currently owns and operates a fleet of 45 drybulk carriers comprising 5 Capesize, 29 Panamax, 1 Handymax, 2 Supramax and 8 newbuilding drybulk vessels, with a combined deadweight tonnage of over 4 million tons.

DryShips Inc.'s common stock is listed on NASDAQ Global Market where it trades under the symbol "DRYS".

DryShips Inc. Press Release