DryShips Inc. Announces Successful Delivery of its First Modern Newcastlemax Vessel and Commencement of One Year Time Charter Contract

Athens, Greece - May 2, 2017

DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”), a diversified owner of ocean going cargo vessels, announced today that it has taken delivery of its first previously announced 205,855 DWT Newcastlemax drybulk vessel built in 2014.

The vessel was successfully delivered to its one year time charter with a major grain house, which is expected to provide a total gross backlog of $7.1 million.

Mr. George Economou, Chairman and Chief Executive Officer commented: “We are very pleased to take delivery of our first modern Newcastlemax vessel. With three sister vessels to follow, two of which are also employed under time charter contracts, we expect our earnings and cash flows will built up during the second half of 2017.”

About DryShips
The Company is a diversified owner of ocean going cargo vessels that operate worldwide.

The Company owns a fleet of (i) 13 Panamax drybulk vessels; (ii) four Newcastlemax drybulk vessels, which are expected to be delivered in the second quarter of 2017; (iii) four Kamsarmax drybulk vessels, three second-hand vessels expected to be delivered in the second quarter of 2017 and one newbuilding expected to be delivered in the third quarter of 2017; (iv) one very large crude carrier, which is expected to be delivered in the second quarter of 2017; (v) one Aframax tanker newbuilding and one Aframax second-hand tanker, both of which are expected to be delivered in the second quarter of 2017; (vi) four VLGC newbuildings, two of which are expected to be delivered in June and September 2017 and the other two before the end of 2017; and (vii) six offshore support vessels, comprising two platform supply and four oil spill recovery vessels.

DryShips’ common stock is listed on the NASDAQ Capital Market where it trades under the symbol “DRYS.” Visit the Company’s website at www.dryships.com.

DryShips Inc. press release