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DryShips Inc. Announces Conversion Price Adjustment for Its Convertible Notes

DryShips Inc. (NASDAQ: 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.

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