DryShips Acquires More Ocean Rig Shares

Tuesday, April 22, 2008

DryShips Inc., has purchased 33,254,576 shares of Ocean Rig ASA an Oslo Stock Exchange listed offshore drilling services company, at a price of NOK 45 per share. Following these transactions DryShips Inc. owns 49.9% of the shares and votes in Ocean Rig ASA. As advised on December 17, 2007 Mr. George Economou, Chairman and CEO of DryShips Inc., has separately acquired approximately 4.4% of the share capital of Ocean Rig ASA. The total ownership percentage has been calculated based on an issued share capital in Ocean Rig ASA of 170,374,980 shares, as contained in Ocean Rig’s last Certificate of Registration.

As a consequence of yesterday’s acquisition DryShips Inc. will commence a mandatory tender offer for the remaining outstanding shares in Ocean Rig ASA within the four weeks deadline set by Oslo Stock Exchange rules. Accordingly, a draft offer document will be filed with the Oslo Stock Exchange for its review and approval. The offer period will be four weeks with an expected commencement date in early May and its terms will otherwise be prescribed by the requirements of the Norwegian Securities Trading Act.

DryShips Inc. will use a combination of cash on hand and debt financing which is already in place to acquire the remaining outstanding shares of Ocean Rig ASA.

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