DryShips Inc was formed on September 9, 2004 under the laws of the Republic of the Marshall Islands, the firm completed its initial public offering in February 2005. DryShips own and operate one of the industry's largest drybulk fleets with more than three dozen vessels of varying sizes. DryShips, Inc. is provider of ocean transportation services for drybulk and petroleum cargoes through its ownership and operation of drybulk carrier vessels and oil tankers and offshore drilling services through the ownership and operation by its majority-owned subsidiary, Ocean Rig UDW, of ultra-deepwater drilling units. As of February 14, 2014, the company owned a fleet of (i) 38 drybulk carriers, comprised of 12 Capesize, 24 Panamax and 2 Supramax vessels, which have a combined deadweight tonnage of approximately 4.1 million dwt and an average age of approximately 9.7 years; (ii) eight drilling units, comprised of two modern, fifth generation, advanced capability ultra-deepwater semisubmersible offshore drilling rigs, four sixth generation, advanced capability ultra-deepwater drillships and two seventh generation, advanced capability ultra-deepwater drillships; and (iii) ten oil tankers, comprised of six Aframax and four Suezmax tankers. In addition, as of February 14, 2014, it entered into contracts for the construction of two Capesize drybulk vessels, four VLOCs, four Panamax Ice Class 1A drybulk vessels, four seventh generations, advanced capability ultra-deepwater drillships. Some of the firm's publicly listed competitors include Diana Shipping, Paragon Shipping, Excel Maritime, Eagle Bulk Shipping, Genco Shipping and Trading & Navios Maritime, and OceanFreight. Its drybulk carriers, drilling units and oil tankers operate within the trading limits imposed by its insurance terms and do not operate in areas where United States, European Union or United Nations sanctions have been imposed. It is subject to international conventions and treaties, national, state and local laws and regulations in force in the countries in which its vessels may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources.