Dryships Signs Contract for Leiv Eiriksson

Thursday, April 16, 2009

Dryships Inc. (NASDAQ: DRYS), a global provider of maritime transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that on April 8, 2009, pursuant to the previously announced letter of award, its wholly owned subsidiary Ocean Rig ASA signed a three year employment contract with Petrobras for exploration drilling in the Black Sea for its semi-submersible rig, the Leiv Eiriksson. The contract is expected to commence in direct continuation from the current contract with Shell. The contract value is approximately $630m, including an estimated 60 days of mobilization, disassembly and reassembly of the derrick structure, and an incentive bonus of 8%.

(www.dryships.com)

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