DryShips Now Controls Ocean Rig

Friday, April 25, 2008

DryShips Inc. announced that it has purchased 28,506,464 additional shares of Ocean Rig at a price of NOK 45 per share. DryShips Inc. now owns 113,539,687 shares or 66.6 percent of the shares and votes in Ocean Rig ASA. The ownership of 66.67 percent of the shares and votes in Ocean Rig ASA gives the company effective control over matters requiring shareholder vote such as the election of directors, the purchase or disposition of assets, mergers and application for delisting from the stock exchange. Dryships will also have the power to approve major financial proposals such as the amount of dividends and the issuance of new equity securities. As previously announced, Mr. George Economou holds 4.4% of the shares and votes in Ocean Rig ASA.

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