DryShips Announces Letter of Award for a Contract to Employ the Leiv Eiriksson for 3 Years with Petrobras

Athens, Greece - March 19, 2009. DryShips Inc. (NASDAQ:DRYS) (the "Company" or "Dryships"), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced today that its whollyowned subsidiary Ocean Rig ASA has received a Letter of Award from Petrobras for a 3-year period employment contract for exploration drilling in the Black Sea. The 3 year term includes mobilization, disassembly and reassembly of the derrick structure for transit through the Bosporus Strait. The contract is expected to commence in direct continuation from the current contract with Shell. The contract value is approximately USD 630 million including an estimated 60 days of mobilization, disassembly/reassembly of the derrick structure and an incentive bonus of 8%.

George Economou, Chairman and Chief Executive Officer of DryShips Inc. commented:

“We are very pleased to be part of this exciting exploration project with Petrobras and see this as an excellent opportunity to expand our relationship with Petrobras, the biggest end-user of ultra deep water units in the world. This will enhance the cash flow stability and visibility of our UDW drilling unit. This recent fixture is testament of the strong fundamentals of the ultra deep water drilling segment which is underpinned by the large exploration and production projects already under way by oil majors and national oil companies.”

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 42 drybulk carriers comprising 7 Capesize, 28 Panamax, 2 Supramax and 5 newbuilding drybulk vessels with a combined deadweight tonnage of about 3.4 million tons, 2 ultra deep water semisubmersible drilling rigs and 2 ultra deep water newbuilding drillships. DryShips Inc.'s common stock is listed on the NASDAQ Global Market where trades under the symbol "DRYS." Visit our website at www.dryships.com

DryShips Inc.