Dryships Announces Full Compliance With Loan Facilities

Athens, Greece – September 7, 2010. 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 that it has obtained an additional waiver letter under its $230 million loan facilities up to December 1, 2010. The previous waiver letter expired on August 15, 2010.

Furthermore, the Company announced the signing of two supplemental (waiver) agreements with Piraeus Bank, which among other things, extend the waivers under (i) the $130 million loan facility dated March 31, 2008, as amended and (ii) the $90 million loan facility dated October 5, 2007, as amended, up to March 31, 2012.

George Economou, Chairman and Chief Executive of DryShips, commented:

“With the latest DVB waiver letter, we are happy to announce that we remain in full compliance with all of our loan agreements. Furthermore, we are proactively negotiating further waivers well in advance of expiry as evidenced by the Piraeus Bank waivers done almost 7 months prior to expiry. At the current time, we expect to comply with the original covenants of most of our facilities when the related waivers expire, and we continue to manage our waiver requirements for the benefit of all stakeholders.”

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 40 drybulk carriers (including newbuildings) comprising 7 Capesize, 31 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.6 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.