DryShips Inc. enters into agreement to acquire two ultra deep water drillships with expected delivery in 2011

April 24, 2008, ATHENS, GREECE - DryShips Inc., (NASDAQ: DRYS) today announced that it has exercised its option to acquire two advanced capability drillships for use in ultra deep water drilling locations. The drillships, are to be constructed by Samsung Heavy Industries Co., Ltd. (SHI) and are expected to be delivered from the shipyard in the third quarter of 2011. The expected delivered cost of the newbuilding drillships is approximately $800 million per unit. The company expects to receive shortly a firm commitment for the debt portion to finance construction and other payments.

Mr. George Economou, Chairman and CEO of DryShips Inc., commented: “I am very excited with our agreement to construct two premium, ultra deep water drillships, which is in line with our strategy of expanding our presence in the ultra deep water drilling sector. We hope that our pending mandatory tender offer for the acquisition of Ocean Rig ASA will be approved by its shareholders in early June. The successful acquisition of Ocean Rig will give us the operating platform necessary to construct, complete and operate these two drillships to the highest standards. Going forward we plan to expand our asset portfolio with further acquisitions and explore other strategic alternatives including the possibility of spinning off this business unit to our shareholders.”

About DryShips Inc.
DryShips Inc., is an international provider of drybulk carriers. Headquartered in Athens, Greece, DryShips currently owns and operates a fleet of 46 drybulk carriers comprising 4 Capesize, 32 Panamax, 2 Supramax and 8 newbuilding Panamax 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