Dryships Inc . Announces Full Exercise of Underwriters' Option to Purchase Additional Shares

DryShips Inc.

today announced that the underwriters of the previously announced public offering of common shares of Ocean Rig UDW Inc. that it owns have exercised in full their option to purchase an additional 1,500,000 common shares at a price to the public of $16.25 per share. With this exercise, the public offering totals 11,500,000 shares with total gross proceeds to us as the selling shareholder, excluding underwriting discounts and commissions, of $186,875,000. Companies affiliated with our Chairman and Chief Executive Officer have agreed to purchase a total of 2,185,000 common shares from us at the public offering price. The offering is expected to close on April 17, 2012.