DryShips Inc. Announces Ocean Rig UDW Inc. Common Stock Purchase Program

ATHENS, GREECE - December 22, 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 today that its Board of Directors has approved a share purchase program for up to a total of $25.0 million of common stock of its majority-owned subsidiary Ocean Rig UDW Inc., which may be purchased from time to time through March 31, 2011.

Share purchases by the Company will be made for cash in open market transactions in Norway on the OTC market maintained by the Norwegian Association of Stockbroking Companies at prevailing market prices or in privately negotiated transactions; provided that the maximum price shall be $17.50 per share. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors.

The program does not require the Company to purchase any specific number or amount of Ocean Rig UDW Inc. common stock and may be suspended or reinstated at any time in the Company’s discretion and without notice.

This press release shall not be deemed an offer to purchase or a solicitation of an offer to sell to U.S. persons.

About DryShips
DryShips Inc., based in Greece, is an owner and operator of drybulk carriers and offshore ultra deepwater drilling units 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 and 6 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 4 ultra deepwater newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "DRYS."

Visit the Company's website at www.dryships.com.

DryShips Inc.