DryShips Inc. Announces Conversion Price Adjustment for Its Convertible Notes

DryShips Inc. DRYS today announced that the applicable conversion price under the Indenture and related Supplemental Indenture governing the Company's 5.00% Convertible Senior Notes due December 1, 2014 has been adjusted to $6.90 per share effective as of September 19, 2011. The previous conversion price of $7.19 per share was adjusted downward in connection with the Company's partial spin off Ocean Rig UDW Inc. which is expected to be completed on October 5, 2011.