DryShips Announces It Has Reached Agreement With DnB NOR
On Waiver Terms For $86 Million Of Debt

ATHENS, GREECE - May 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 it has reached agreement with DnB NOR on waiver terms for $86 million of our outstanding debt. This agreement is subject to customary documentation.

George Economou, Chairman and Chief Executive Officer, commented: “We are delighted to have reached an agreement with DnB NOR on yet another facility. This facility covers 2 of our drybulk vessels. We continue to have constructive discussions with the remainder of our banks who are all very supportive of the company”.

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 4 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.