DRYSHIPS ANNOUNCES IT HAS REACHED AGREEMENT
WITH HSH AS AGENT ON WAIVER TERMS

ATHENS, GREECE - May 15, 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 it has reached agreement with HSH Nordbank as agents on waiver terms for $654 million of our outstanding debt.

George Economou, Chairman and Chief Executive Officer, commented: “We are delighted to have reached an agreement with HSH as agents on this major facility. This facility covers 23 of our drybulk vessels. This agreement is a testament of the support of the syndicate led by HSH Nordbank 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 43 drybulk carriers comprising 7 Capesize, 29 Panamax, 2 Supramax and 5 newbuilding Drybulk vessels with a combined deadweight tonnage of over 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.