DryShips Inc. to Acquire Ultra Deep Water Drillships

Thursday, April 24, 2008

DryShips Inc., announced that it has exercised its option to acquire two advanced capability drillships for use in ultra deep water drilling locations. The drillships, are to be constructed by Samsung Heavy Industries Co., Ltd. (SHI) and are expected to be delivered from the shipyard in the third quarter of 2011. The expected delivered cost of the newbuilding drillships is approximately $800 million per unit. The company expects to receive shortly a firm commitment for the debt portion to finance construction and other payments.

Conference Call Announcement:

Today, Thursday, April 24, 2008, at 10:00 a.m. EDT management will host a conference call to discuss the pending Mandatory tender offer for Ocean Rig and the agreement to construct the above two drillships.

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