DryShips Announces New Drilling Contract for the Leiv Eiriksson
by Ocean Rig UDW Inc.

ATHENS, GREECE (Marketwire - May 6, 2011) - DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced the signing, by its majority-owned subsidiary Ocean Rig UDW Inc. ("Ocean Rig"), of a new drilling contract for its 5th generation drilling rig "Leiv Eiriksson" with Borders & Southern Petroleum plc for performance of exploration drilling offshore the Falkland Islands. This contract replaces the previous contract with Borders & Southern plc for the "Eirik Raude." The "Leiv Eiriksson" will perform the scheduled drilling program in direct continuation after completion of the drilling campaign for Cairn Energy offshore Greenland. The contract is for a two well contract for a period of about 90 days, including three further optional wells. The contract value is approximately USD 80 million.

Mr. George Economou, Chairman and CEO, commented:
"We are pleased to announce the employment of the "Leiv Eiriksson" with Borders & Southern plc. The contract replacement gives Ocean Rig the opportunity to extend and continue the contract portfolio for the "Leiv Eiriksson" in harsh environment regions, and position the 10000 ft capable drilling rig "Eirik Raude" for new opportunities in both harsh environment areas and ultra deep water regions from Q4 2011."

About DryShips
DryShips Inc., based in Greece, is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW, Inc., DryShips owns and operates 8 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 6 ultra deepwater drillships, 4 of which remain to be delivered to the company during 2011 and 2013. As of the day of this release, DryShips owns a fleet of 38 drybulk carriers (including newbuildings), comprising 7 Capesize, 29 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.4 million tons, and 12 tankers (including newbuildings), comprising 6 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.6 million tons. DryShips' 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. press release