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DryShips Inc. Announces Public Offering of Its Ocean Rig Shares

DryShips Inc. Announces Public Offering of Its Ocean Rig Shares 
ATHENS, GREECE -- (Marketwire) -- 02/11/13 --  DryShips Inc. (NASDAQ:
DRYS), or the Company, an international provider of marine
transportation services for drybulk and petroleum cargoes, and
through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean
Rig, of offshore deepwater drilling services, today announced it is
offering 5,000,000 common shares of Ocean Rig that it owns in an
underwritten public offering pursuant to Ocean Rig's effective shelf
registration statement on Form F-3ASR filed with the Securities and
Exchange Commission. Following the completion of the offering,
DryShips is expected to own approximately 61.3% of Ocean Rig's
outstanding shares.  
Deutsche Bank Securities and Credit Suisse are acting as joint
book-running managers for the offering.  
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful. The offering is being made
by means of a prospectus and related prospectus supplement. A
prospectus supplement related to the offering will be filed with the
Securities and Exchange Commission. When available, copies of the
prospectus and prospectus supplement relating to the offering may be
obtained from Deutsche Bank Securities Inc., Attention: Prospectus
Department, 60 Wall Street, New York, New York 10005 (or at
1-800-503-4611) or Credit Suisse Securities (USA) LLC, Attention:
Prospectus Department, One Madison Avenue, New York, NY 10010 (or at
1-800-221-1037).  
About DryShips Inc.
 DryShips Inc. is an owner of drybulk carriers
and tankers that operate worldwide. Through its majority owned
subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 10
offshore ultra deepwater drilling units, comprising of 2 ultra
deepwater semisubmersible drilling rigs and 8 ultra deepwater
drillships, 3 of which remain to be delivered to Ocean Rig during
2013 and 1 is scheduled for delivery during 2015. DryShips owns a
fleet of 46 drybulk carriers (including newbuildings), comprising 12
Capesize, 28 Panamax, 2 Supramax and 4 newbuilding Very Large Ore
Carriers (VLOC) with a combined deadweight tonnage of approximately
5.1 million tons, and 10 tankers (including newbuildings), comprising
4 Suezmax and 6 Aframax, with a combined deadweight tonnage of over
1.3 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 
Forward-Looking Statement
 Matters discussed in this release may
constitute forward-looking statements. Forward-looking statements
reflect our current views with respect to future events and financial
performance and may include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of
historical facts. 
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, management's examination
of historical operating trends, data contained in our records and
other data available from third parties. Although we believe that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections. 
Important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including changes in charterhire and
drilling dayrates and drybulk vessel, drilling rig and drillship
values, failure of a seller to deliver one or more drilling rigs,
drillships or drybulk vessels, failure of a buyer to accept delivery
of a drilling rig, drillship, or vessel, inability to procure
acquisition financing, default by one or more charterers of our
ships, changes in demand for drybulk commodities or oil, changes in
demand that may affect attitudes of time charterers and customer
drilling programs, scheduled and unscheduled drydockings and
upgrades, changes in our operating expenses, including bunker prices,
drydocking and insurance costs, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and
international political conditions, potential disruption of shipping
routes due to accidents and political events or acts by terrorists. 
Risks and uncertainties are further described in reports filed by
DryShips Inc. with the U.S. Securities and Exchange Commission. 
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: dryships@capitallink.com