DryShips Reports 4Q Results

Friday, February 15, 2008
DryShips Inc announced its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2007.

Financial Highlights include: • For the fourth quarter of 2007 the Company reported Net Income of $195.2 million or $5.37 per share. Included in the fourth quarter results is a capital gain on the sale of 1 vessel of $31.5 million or $0.87 per share. Excluding this gain, Net Income would amount to $163.7 million or $4.50 per share. • For the fourth quarter of 2007 the Company reported EBITDA1 of $229.3 million. • For the year ended December 2007, the Company reported Net Income of $475.4 million or $13.32 per share. Included in the full year results is a capital gain on the sale of 11 vessels of $135.0 million or $3.78 per share. Excluding this gain, Net Income would amount to $340.4 million or $9.54 per share. • For the year ended December 2007 the Company reported EBITDA of $600.8 million. • In January 2008 the Company declared and paid its eleventh consecutive quarterly cash dividend of $0.20 per common share.

Fourth Quarter 2007 Results For the fourth quarter ended December 31, 2007, Time charter equivalent revenues (Voyage Revenues less Voyage Expenses) amounted to $223.5 million as compared to $74.0 million for the fourth quarter ended December 31, 2006. Operating Income was $211.9 million for the quarter ended December 31, 2007, as compared to $46.3 million for the quarter ended December 31, 2006. Net Income for the fourth quarter of 2007 was $195.2 million or $5.37 Earnings Per Share (EPS) calculated on 36.32 million weighted average basic and diluted shares outstanding as compared to $35.9 million or $1.02 Earnings Per Share (EPS) calculated on 35.33 million weighted average basic and diluted shares outstanding for the quarter ended December 31, 2006. EBITDA2 for the fourth quarter of 2007 was $229.3 million as compared to $63.8 million in the quarter ended December 31, 2006. An average of 36.12 vessels were owned and operated during the fourth quarter of 2007, earning an average Time Charter Equivalent, or TCE, rate of $67,587 per day as compared to an average of 33.86 vessels owned and operated during the fourth quarter of 2006 earning an average TCE rate of $24,466 per day. Year ended December 31, 2007 Results For the year ended December 31, 2007, Time charter equivalent revenues (Voyage Revenues less Voyage Expenses) amounted to $550.9 million as compared to $232.5 million for the year ended December 31, 2006. Operating Income was $528.1 million for the year ended December 31, 2007 as compared to $96.5 million for the year ended December 31, 2006. Net Income for the year ended December 2007 was $475.4 million or $13.32 Earnings Per Share (EPS) calculated on 35.70 million weighted average basic and diluted shares outstanding as compared to $56.7 million or $1.75 Earnings Per Share (EPS) calculated on 32.35 million weighted average basic and diluted shares outstanding for the year ended December 31, 2006. EBITDA2 for the year ended December 31, 2007 was $600.8 million as compared to $159.0 million in the year ended December 31, 2006. An average of 33.67 vessels were owned and operated during the year ended December 31, 2007, earning an average Time Charter Equivalent, or TCE, rate of $45,417 per day as compared to an average of 29.76 vessels owned and operated during the year ended December 31, 2006 earning an average TCE rate of $21,918 per day.

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