DRYSHIPS ANNOUNCES FILING OF ITS ANNUAL REPORT ON FORM 20-F

Athens, Greece - March 30, 2009. DryShips Inc. (NASDAQ:DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk cargoes and offshore contract drilling oil services, announced today it has filed its Annual Report on Form 20-F for the year ended 2008. The audit opinions of Deloitte, Hadjipavlou, Sofianos and Cambanis S.A. regarding the 2008 financial statements of the Company and the audit opinion of Ernst and Young (Norway) regarding the 2008 financial statements of the Company’s wholly-owned subsidiary, Ocean Rig ASA, each of which were included in the Company’s Annual Report on Form 20-F filed today, are unqualified. However, the opinions include an explanatory “going concern” paragraph which, in the case of the Company, states:

“The accompanying consolidated financial statements for the year ended December 31, 2008, have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, the Company’s inability to comply with financial covenants under its current loan agreements as of December 31, 2008, difficulties in meeting its financing needs, its negative working capital position, and other matters discussed in Note 3 raise substantial doubt about its ability to continue as a going concern. Management’s plans concerning these matters are also described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.”

This press release is issued pursuant to NASDAQ Marketplace Rules. Investors are urged to read the full text of the Company’s Report on Form 20-F, including Note 3 to the consolidated financial statements referred to above.

George Economou, Chairman and Chief Executive of DryShips commented: “As discussed during our latest conference call, the going concern explanatory paragraph is the result of the previously announced reclassification of $1.8 billion of long-term debt as current. With the proactive approach already taken to reduce $2 billion in capital expenditures, the confidence of our three main lenders with whom we are in close ongoing discussions, secured revenues of over $2.4 billion in the next three years from drybulk time charters and offshore drilling contracts and the recent equity infusion of $380 million through the ATM Equity Offeringsm share issuance program, we have repositioned DryShips for the long-term and remain ahead of the curve.”

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, 5 newbuilding drybulk vessels, with a combined deadweight tonnage of about 4.0 million and two drilling rigs, two drillship new building. DryShips Inc.'s common stock is listed on the NASDAQ Global Market where it trades under the symbol "DRYS".

Visit the Company’s website at www.dryships.com

DryShips Inc.