DryShips Inc. Announces Public Offering of Ocean Rig Shares

press release
Tuesday, February 12, 2013

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, has 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.

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