Dryships Inc. Announces Management Change

DryShips Inc. (NASDAQ: DRYS) a provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of off-shore deepwater drilling services, today announced that Pankaj Khanna, Chief Operating Officer, will be stepping down from his position, effective October 2, 2012, to pursue other interests. His duties will be absorbed by the existing management team.

George Economou, Chairman and Chief Executive Officer of the Company commented: “It was a pleasure working with Pankaj, and we wish him well in his future endeavors.”