Dryships Inc. Announces Appointment of Interim Ocean Rig UDW Chief Executive Officer

ATHENS, GREECE - July 15, 2010 - DryShips Inc. (NASDAQ: DRYS) a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced today the appointment of Mr. George Economou, Chairman of the Board and Chief Executive Officer, as interim Chief Executive Officer for the Company’s fully-owned subsidiary Ocean Rig UDW.

This follows the resignation of Mr. David Mullen, Chief Executive Officer of the Ocean Rig Group of companies, who is leaving the Company to pursue other interests, effective August 7, 2010. The Company has commenced a search for a permanent replacement. George Economou, Chairman and Chief Executive Officer of the Company commented: “The Board of Directors wishes to acknowledge the good services rendered by Mr. Mullen and wish him success in his future activities.”

About DryShips Inc.
DryShips Inc., based in Greece, is an owner and operator of drybulk carriers and offshore oil deep water drilling that operate worldwide. As of the day of this release, DryShips owns a fleet of 39 drybulk carriers (including newbuildings) comprising 7 Capesize, 30 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.5 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".

DryShips Inc.