Dryships Announces Closing Of Private Offering

Press Release
Friday, April 29, 2011

ATHENS, GREECE – April 28, 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 closing of the sale of $500 million aggregate principal amount of 9.5% Senior Unsecured Bonds Due 2016 (the “Bonds”) offered by its majority-owned subsidiary Ocean Rig UDW Inc. (“Ocean Rig”) in a private placement made to Norwegian professional investors and eligible counterparties as defined in the Norwegian Securities Trading Regulation 10-2 to 10-4, to non-United States persons in offshore transactions in reliance on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”) and in a concurrent private placement in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act.

The proceeds of the offering are expected to be used to finance Ocean Rig’s newbuilding drillships program and general corporate purposes.

The Bonds have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to or for the benefit of U.S. persons unless so registered except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable securities laws in other jurisdictions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Bonds, nor shall there be any sale of the Bonds in any jurisdiction in which such offer, solicitation or sale is unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

In the European Economic Area, with respect to any Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”) the information in respect of the Bond offering is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.


Source: Dryships

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