UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM 6-K


REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934


For the month of May 2015


Commission File Number 001-33922


DRYSHIPS INC.


74-76 V. Ipeirou Street

151 25, Marousi

Athens, Greece


(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.


Form 20-F [X]       Form 40-F [  ]


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].


Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].


Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.



1






INFORMATION CONTAINED IN THIS FORM 6-K REPORT


Attached as Exhibit 99.1 to this Report on Form 6-K is a press release of DryShips Inc. (the “Company”) dated May 11, 2015: DryShips Inc. Reports Financial and Operating Results for the First Quarter 2015




















































SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

  

DRYSHIPS INC.                         

  

(Registrant)

  

  

Dated:  May 12, 2015

By:  /s/George Economou    

  

  

George Economou

Chief Executive Officer





2





Exhibit 99.1

[f051215drys6k001.jpg]



DRYSHIPS INC. REPORTS FINANCIAL AND OPERATING

RESULTS FOR THE FIRST QUARTER 2015

May 11, 2015, Athens, Greece. DryShips Inc. (NASDAQ:DRYS), or DryShips or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the first quarter ended March 31, 2015.

First Quarter 2015 Financial Highlights

Ø

For the first quarter of 2015, the Company reported a net loss of $59.2 million, or 8.9 cents basic and diluted loss per share.

Included in the first quarter 2015 results is an impairment charge on ten tanker vessels, of $56.6 million, or 8.5 cents per share.


Excluding this item, the Company’s net results would have amounted to a net loss of $2.6 million, or 0.4 cents per share. (1)


Ø

The Company reported Adjusted EBITDA of $242.1 million for the first quarter of 2015, as compared to $200.6 million for the first quarter of 2014. (2)


Recent Highlights


-

On May 6, 2015, Ocean Rigs’ Board of Directors declared the fifth consecutive quarterly cash dividend with respect to the quarter ended March 31, 2015, of $0.19 per common share, to Ocean Rig shareholders of record as of May 22, 2015 and payable on or about June 2, 2015. The Company expects to receive dividends amounting to $14.9 million.


-

On April 30, 2015, the Company concluded ten Memoranda of Agreement with entities controlled by the Company’s Chairman and Chief Executive Officer, George Economou, to sell its four Suezmax tankers, Vilamoura, Lipari, Petalidi and Bordeira, for an en-bloc sales price of $245.0 million. In addition, it has entered into agreements with entities controlled by Mr. Economou to potentially sell its six Aframax tankers, Belmar, Calida, Alicante, Mareta, Saga and Daytona, for an en-bloc sales price of $291.0 million, as long as they confirm their unconditional acceptance by June 30, 2015.


-

On April 28, 2015, the Ocean Rig Apollo, which was delivered to Ocean Rig on March 5, 2015, successfully completed acceptance testing and commenced operations under the three year contract with Total EP Congo.  


-

On April 27, 2015, Ocean Rig has reached an agreement to postpone the delivery of the Ocean Rig Crete and Ocean Rig Amorgos to the first quarter of 2018 and 2019, respectively. As part of the agreement, certain portion of the pre-delivery payments were also deferred and the total project costs for the construction of each drillship have increased by $15 million.


(1)The net result is adjusted for the minority interests of 40.82% not owned by DryShips Inc. common stockholders.
(2)Adjusted EBITDA is a non-GAAP measure; please see later in this press release for reconciliation to net income.


-

On March 19, 2015, the Company provided additional security in relation to the ABN AMRO secured bridge credit facility in the form of 12,500,000 Ocean Rig shares owned by us. Cumulatively, the Company has pledged 65,629,069 Ocean Rig shares in relation to that facility and the facility has an outstanding balance of $185.0 million.


-

On March 16, 2015, Ocean Rig entered into a one-well drilling contract with an independent oil trading company for the Ocean Rig Olympia for drilling offshore West Africa. The new contract has an estimated backlog of $13.3 million and expected duration of 45 days.


George Economou, Chairman and Chief Executive Officer of the Company, commented:


“We are pleased to announce another quarter of robust operating results. Despite the grueling drybulk market which is at historical lows, our results were boosted by an exceptional quarter of our drilling segment and strong TCE performance of our tankers, averaging over $35,000 per day.


“In March, we announced agreements to potentially sell our entire tanker fleet for an aggregate price of $536 million. Net of the repayment of associated secured bank debt, these sales could potentially generate $275 million of free cash which will provide DryShips with sufficient liquidity to withstand a prolonged downturn in the drybulk market.”






















Financial Review: 2015 First Quarter

The Company recorded net loss of $59.2 million, or 8.9 cents basic and diluted loss per share, for the three-month period ended March 31, 2015, as compared to a net loss of $34.6 million, or 8.4 cents basic and diluted loss per share, for the three-month period ended March 31, 2014. Adjusted EBITDA(1) was $242.1 million for the first quarter of 2015, as compared to $200.6 million for the same period in 2014.

For the drybulk carrier segment, net voyage revenues (voyage revenues minus voyage expenses) amounted to $35.9 million for the three-month period ended March 31, 2015, as compared to $45.3 million for the three-month period ended March 31, 2014. For the tanker segment, net voyage revenues amounted to $31.7 million for the three-month period ended March 31, 2015, as compared to $22.3 million for the same period in 2014. For the offshore drilling segment, revenues from drilling contracts increased by $41.3 million to $402.1 million for the three-month period ended March 31, 2015, as compared to $360.8 million for the same period in 2014.

Total vessels’, drilling rigs’ and drillships’ operating expenses and total depreciation and amortization increased to $181.1 million and to $118.7 million, respectively, for the three-month period ended March 31, 2015, from $179.6 million and $107.3 million, respectively, for the three-month period ended March 31, 2014. Total general and administrative expenses decreased to $43.3 million in the first quarter of 2015, from $49.1 million during the same period in 2014.

Interest and finance costs, net of interest income, amounted to $76.5 million for the three-month period ended March 31, 2015, compared to $114.3 million for the three-month period ended March 31, 2014.

The Time Charter Equivalent(2) , or TCE, rate for our drybulk fleet was $10,535 per day per vessel in the three month period ended March 31, 2015, as compared to $13,564 per day per vessel in the corresponding period of 2014.  The Time Charter Equivalent, or TCE, rate for our tanker fleet was $35,203 per day per vessel in the three month period ended March 31, 2015 which is a significant improvement compared to the $24,781 per day per vessel TCE rate in the corresponding period of 2014.


(1) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for reconciliation to net income.
(2) Time Charter Equivalent is a non-GAAP measure; please see later in this press release for definition.






Fleet List

The table below describes our fleet profile as of May 4, 2015:


 

Year

 

 

Gross rate

Redelivery

 

 

Built

DWT

Type

Per day

Earliest

Latest

Drybulk fleet

 

 

 

 

 

 

 

 

 

 

 

 

 

Capesize:

 

 

 

 

 

 

Rangiroa

2013

206,026

Capesize

$23,000

May-18

Dec-23

Negonego

2013

206,097

Capesize

$21,500

Mar-20

Feb-28

Fakarava

2012

206,152

Capesize

$25,000

Sept-15

Sept-20

Raiatea

2011

179,078

Capesize

$23,500

Oct-19

Dec-19

Mystic

2008

170,040

Capesize

$52,310

Aug-18

Dec-18

Robusto

2006

173,949

Capesize

$23,500

Jul-19

Sept-19

Cohiba

2006

174,234

Capesize

$23,500

Sep-19

Nov-19

Montecristo

2005

180,263

Capesize

$23,500

Jul-19

Sep-19

Flecha

2004

170,012

Capesize

$55,000

Jul-18

Nov-18

Manasota

2004

171,061

Capesize

$30,000

Jan-18

Aug-18

Partagas

2004

173,880

Capesize

$23,500

Sep-19

Nov-19

Alameda

2001

170,662

Capesize

$27,500

Nov-15

Jan-16

Capri  

2001

172,579

Capesize

$20,000

Jan-16

May-16

 

 

 

 

 

 

 

Panamax:

 

 

 

 

 

 

Raraka

2012

76,037

Panamax

Spot

N/A

N/A

Woolloomooloo

2012

76,064

Panamax

Spot

N/A

N/A

Amalfi

2009

75,206

Panamax

Spot

N/A

N/A

Rapallo

2009

75,123

Panamax

T/C Index linked

Jul-16

Sep-16

Catalina

2005

74,432

Panamax

Spot

N/A

N/A

Majorca

2005

74,477

Panamax

Spot

N/A

N/A

Ligari

2004

75,583

Panamax

Spot

N/A

N/A

Saldanha

2004

75,707

Panamax

Spot

N/A

N/A

Sorrento

2004

76,633

Panamax

$24,500

Aug-21

Dec-21

Mendocino

2002

76,623

Panamax

T/C Index linked

Sep-16

Nov-16

Bargara

2002

74,832

Panamax

T/C Index linked

Sep-16

Nov-16

Oregon

2002

74,204

Panamax

Spot

N/A

N/A

Ecola

2001

73,931

Panamax

Spot

N/A

N/A

Samatan

2001

74,823

Panamax

Spot

N/A

N/A

Sonoma

2001

74,786

Panamax

Spot

N/A

N/A

Capitola  

2001

74,816

Panamax

Spot

N/A

N/A

Levanto

2001

73,925

Panamax

T/C Index linked

Aug-16

Oct-16

Maganari

2001

75,941

Panamax

Spot

N/A

N/A

Coronado

2000

75,706

Panamax

Spot

N/A

N/A

Marbella

2000

72,561

Panamax

Spot

N/A

N/A

Redondo

2000

74,716

Panamax

Spot

N/A

N/A

Topeka

2000

74,716

Panamax

Spot

N/A

N/A

Ocean Crystal

1999

73,688

Panamax

Spot

N/A

N/A

Helena

1999

73,744

Panamax

Spot

N/A

N/A

 

 

 

 

 

 

 

Supramax:

 

 

 

 

 

 

Byron

2003

51,118

Supramax

Spot

N/A

N/A

Galveston

2002

51,201

Supramax

Spot

N/A

N/A









Year Built/or

 

 

Gross rate






Redelivery

 

 

Scheduled Delivery

DWT

Type

Per day

Earliest

Latest

 

 

 

 

 

 

 

Tanker fleet

 

 

 

 

 

 

Suezmax:

 

 

 

 

 

 

Bordeira

2013

158,513

Suezmax

Spot

N/A

N/A

Petalidi

2012

158,532

Suezmax

Spot

N/A

N/A

Lipari

2012

158,425

Suezmax

Spot

N/A

N/A

Vilamoura

2011

158,622

Suezmax

Spot

N/A

N/A

Aframax:

 

 

 

 

 

 

Alicante

2013

115,708

Aframax

Spot

N/A

N/A

Mareta

2013

115,796

Aframax

Spot

N/A

N/A

Calida

2012

115,812

Aframax

Spot

N/A

N/A

Saga

2011

115,738

Aframax

Spot

N/A

N/A

Daytona

2011

115,896

Aframax

Spot

N/A

N/A

Belmar

2011

115,904

Aframax

Spot

N/A

N/A

 

 

 

 

 

 

 

Drilling Rigs/Drillships:


Total backlog as of May 4, 2015 amounted to $4.7 billion.

Unit


Leiv Eiriksson

Year built/ or Scheduled Delivery


2001

Redelivery


Q1 – 16

Operating Area


Norwegian Continental Shelf

 

Eirik Raude

2002

Q4 – 15

Falkland Islands

 

Ocean Rig Corcovado

2011

Q2 – 18

Brazil

 

Ocean Rig Olympia

2011

Q2 – 16(1)(2)

Angola

 

Ocean Rig Poseidon

2011

Q2 – 17(2)

Angola

 

Ocean Rig Mykonos

2011

Q1 – 18

Brazil

 

Ocean Rig Mylos

2013

Q3 – 16

Brazil

 

Ocean Rig Skyros

2013

Q3 – 21  

Angola

 

Ocean Rig Athena

2014

Q2 – 17

Angola

 

Ocean Rig Apollo

2015

Q2 – 18

West Africa

 

Newbuildings

 

 

 

 

Ocean Rig Santorini

Q2 2016

N/A

 N/A

 

Ocean Rig Crete

Q1 2018

N/A

 N/A

 

Ocean Rig Amorgos

Q1 2019

N/A

 N/A

 


(1) Total E&P Angola has redelivered the Ocean Rig Olympia on completion of its well on March 9, 2015 and ahead of the contractual redelivery date of August 2015. We are presently in discussions with Total EP Angola and intend to legally defend our rights should we fail to reach an amicable solution.


(2) Subject to the confirmation by national authorities and the entering of definitive documentation of the previously announced Omnibus Agreement which we expect to occur before the end of the second quarter of 2015.












Drybulk Carrier and Tanker Segment Summary Operating Data(unaudited)

(Dollars in thousands, except average daily results)



Drybulk

Three Months Ended March 31,

 

2014

 

2015

Average number of vessels(1)

38.0

 

39.0

Total voyage days for vessels(2)

3,338

 

3,406

Total calendar days for vessels(3)

3,420

 

3,510

Fleet utilization(4)

97.6%

 

97.0%

Time charter equivalent(5)

$13,564

 

$10,535

Vessel operating expenses (daily)(6)

$6,325

 

$6,356



 







Tanker


Three Months Ended  March 31,

 

2014

 

2015

Average number of vessels(1)

10.0

 

10.0

Total voyage days for vessels(2)

900

 

900

Total calendar days for vessels(3)

900

 

900

Fleet utilization(4)

100.0%

 

100.0%

Time charter equivalent(5)

$24,781

 

$35,203

Vessel operating expenses (daily)(6)

$7,144

 

$6,546













(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

(2) Total voyage days for fleet are the total days the vessels were in our possession for the relevant period net of dry-docking days.

(3) Calendar days are the total number of days the vessels were in our possession for the relevant period including dry-docking days.

(4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

(5) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage and are paid by the charterer under a time charter contract, as well as commissions. TCE revenues, a non-U.S. GAAP measure, provides additional meaningful information in conjunction with revenues from our vessels, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Please see below for a reconciliation of TCE rates to voyage revenues.

(6) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

(7) Does not include accrual for the provision of the purchase options under certain time charter agreements.


(In thousands of U.S. dollars, except for TCE rate, which is expressed in Dollars, and voyage days)



Drybulk

 

Three Months Ended March 31,

 

 

2014

 

2015

Voyage revenues(7)

$

      53,408            

$

45,601

Voyage expenses

 

(8,132)

 

(9,720)

Time charter equivalent revenues

$

45,276          

$

35,881

Total voyage days for fleet   

 

3,338

 

3,406

Time charter equivalent TCE

$

13,564          

$

10,535


Tanker

 

Three Months Ended March 31,

 

 

2014

 

2015

Voyage revenues

$

43,314

$

50,065

Voyage expenses

 

(21,011)

 

(18,382)

Time charter equivalent revenues

$

22,303

$

31,683

Total voyage days for fleet   

 

900

 

900

Time charter equivalent TCE

$

24,781           

$

35,203










DryShips Inc.


Financial Statements

Unaudited Interim Condensed Consolidated Statements of Operations


(Expressed in Thousands of U.S. Dollars

except for share and per share data)

 


Three Months Ended March 31,

 

 

2014

 

2015

 

 

 

 

 

REVENUES:

 

 

 

 

Voyage revenues

$

96,722

$

90,028

Revenues from drilling contracts

 

360,764

 

402,083

 

 

457,486

 

492,111

 

 

 

 

 

EXPENSES:

 

 

 

 

Voyage expenses

 

29,143

 

28,102

Vessel operating expenses

 

28,063

 

28,200

Drilling rigs and drillships operating expenses

 

151,515

 

152,927

Depreciation and amortization

 

107,277

 

118,696

Vessel impairments

 

-

 

56,631

General and administrative expenses

 

49,091

 

43,288

Other, net

 

1,604

 

(630)

 

 

 

 

 

Operating income

 

90,793

 

64,897

 

 

 

 

 

OTHER INCOME / (EXPENSES):

 

 

 

 

Interest and finance costs, net of interest income

 

(114,251)

 

(76,488)

Loss on interest rate swaps

 

(2,775)

 

(9,680)

Other, net

 

(104)

 

(1,929)

Income taxes

 

(8,791)

 

(19,590)

Total other expenses, net

 

(125,921)

 

(107,687)

 

 

 

 

 

Net loss

 

(35,128)

 

(42,790)

 

 

 

 

 

Net (income)/loss attributable to Non controlling interests

 

577

 

(16,367)

 

 

 

 

 

Net loss attributable to Dryships Inc.


$

(34,551)


$

(59,157)

 

 

 

 

 

Net loss attributable to Dryships Inc. common stockholders

 

(34,551)

 

(59,231)


Loss per common share, basic and diluted

$

(0.08)

$

(0.09)

Weighted average number of shares, basic and diluted

 

409,609,554

 

664,830,988

 

 

 

 

 


























DryShips Inc.


Unaudited Condensed Consolidated Balance Sheets


(Expressed in Thousands of U.S. Dollars)

 

December 31, 2014

   




March 31, 2015

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash (current and non-current)

$

658,936

$

586,589

 

Vessels held for sale

 

-

 

530,640

 

Other current assets  

 

568,341

 

730,564

 

Advances for vessels and drillships under construction and related costs

 

623,984

 

344,870

 

Vessels, net

 

2,141,617

 

1,524,377

 

Drilling rigs, drillships, machinery and equipment, net

 

6,259,747

 

6,946,165

 Other non-current assets

 

118,978

 

101,682

 

Total assets

 

10,371,603

 

10,764,887

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total debt

 

5,517,613

 

5,920,090

 

Total other liabilities

 

563,602

 

603,434

 

Total stockholders’ equity

 

4,290,388

 

4,241,363

 

Total liabilities and stockholders’ equity

$

10,371,603

$

10,764,887

 

 

 

 

 

 

 


















Adjusted EBITDA Reconciliation

Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, vessel impairments and other, dry-dockings and class survey costs and gains or losses on interest rate swaps. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is included herein because it is a basis upon which the Company measures its operations. Adjusted EBITDA is also used by our lenders as a measure of our compliance with certain covenants contained in our loan agreements and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness.

The following table reconciles net loss to Adjusted EBITDA:


(Dollars in thousands)

 

Three Months Ended March 31, 2014

 

Three Months Ended March 31, 2015

 

 

 

 

 

Net loss attributable to Dryships Inc

 

$           (34,551)     

 

$        (59,157)    

 

 

 

 

 

Add: Net interest expense

 

114,251

 

76,488

Add: Depreciation and amortization

 

107,277

 

118,696

Add: Dry-dockings and class survey costs

 

2,659

 

3,838

Add: Impairment losses

 

-

 

56,631

Add: Income taxes

 

8,791

 

19,590

Add: Loss on interest rate swaps

 

2,775

 

9,680

Add: Net income/(loss) attributable to Non controlling interests

 

(577)

 

16,367

Adjusted EBITDA

 

$            200,625     

 

$        242,133    




3






Conference Call and Webcast: May 12, 2015

As announced, the Company’s management team will host a conference call on Tuesday, May 12, 2015 at 9:00 a.m. Eastern Daylight Time to discuss the Company's financial results.

Conference Call Details

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from outside the US). Please quote "DryShips."

A replay of the conference call will be available until May 19, 2015. The United States replay number is 1(866) 247- 4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 55 00 00 and the access code required for the replay is: 2133051#.

A replay of the conference call will also be available on the Company’s website at www.dryships.com under the Investor Relations section.

Slides and Audio Webcast

There will also be a simultaneous live webcast over the Internet, through the DryShips Inc. website (www.dryships.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About DryShips Inc.


DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 13 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships, 1 of which is scheduled to be delivered to Ocean Rig during 2016, 1 of which is scheduled to be delivered during 2018 and 1 of which is scheduled to be delivered during 2019.  DryShips owns a fleet of 39 drybulk carriers, comprising 13 Capesize, 24 Panamax and 2 Supramax with a combined deadweight tonnage of approximately 4.3 million tons, and 10 tankers, comprising 4 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.3 million tons.


DryShips’ common stock is listed on the NASDAQ Global Select Market where it trades under the symbol “DRYS.”

Visit the Company’s website at www.dryships.com

















Forward-Looking Statement

Matters discussed in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with such safe harbor legislation.

Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter rates and dayrates and vessel and drilling dayrates and drybulk vessel, drilling rig and drillship values, failure of a seller to deliver one or more vessels or drilling units, drillships or drybulk vessels, failure of a buyer to accept delivery of a drilling rig, drillship, or vessel, inability to procure acquisition financing, default by one or more customers, changes in demand for drybulk commodities or oil, changes in demand that may affect attitudes of time charterers and customer drilling programs, scheduled and unscheduled drydockings and upgrades, changes in our operating expenses, including bunker prices, drydocking and insurance costs, complications associated with repairing and replacing equipment in remote locations, limitations on insurance coverage, such as war risk coverage, in certain areas, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, changes in tax laws, treaties and regulations, tax assessments and liabilities for tax issues, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by DryShips Inc. with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 20-F.

Investor Relations / Media:

Nicolas Bornozis

Capital Link, Inc. (New York)

Tel. 212-661-7566

E-mail: dryships@capitallink.com





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