DryShips Inc. announces closing for the financing of two Newbuilding Ultra Deep Water Drillships

July 21, 2008, ATHENS, GREECE - DryShips Inc. (NASDAQ: DRYS) today announced the closing of a senior secured credit facility of US$ 1,125 million jointly arranged by Deutsche Bank AG - Global Principal Finance, London and Dexia Crédit Local, New York Branch for the financing of the two ultra-deep water drillships under construction at Samsung Heavy Industries.

The drillships – which are designed to drill up to 10,000 feet and 35,000 feet of drilling depth – are scheduled to be delivered in the third quarter of 2011, as previously announced. Once delivered, the vessels will be operated by Ocean Rig, which was recently acquired by DryShips.

Mr. George Economou, Chairman and CEO of DryShips Inc., commented: “I am very pleased with this financing that has been successfully completed despite the tightness of the global credit markets. We appreciate the support shown by all the participating banks of the syndicate and we want to thank them for their commitment shown to DryShips.”

About DryShips Inc.
DryShips Inc., based in Greece, is an owner and operator of drybulk carriers that operate worldwide. As of the day of this release, DryShips owns a fleet of 48 drybulk carriers comprising 6 Capesize, 30 Panamax, 2 Supramax, 10 newbuilding drybulk vessels, with a combined deadweight tonnage of about 4.3 million tons. DryShips Inc.'s common stock is listed on the NASDAQ Global Market where it trades under the symbol "DRYS."

DryShips Inc. Press Release