DryShips Announces Exchange Offer of Common Shares by Ocean Rig UDW

DryShips Inc.

today announced the commencement of an offer by its majority-owned subsidiary, Ocean Rig UDW, to exchange up to 28,571,428 new shares of Ocean Rig common stock that have been registered under the U.S. Securities Act of 1933, as amended for an equivalent number of common shares of Ocean Rig previously sold in a private offering in December 2010. The exchange offer is being conducted upon the terms and subject to the conditions set forth in the prospectus dated August 26, 2011, and the related letter of transmittal. The Exchange Shares are identical to the Original Shares, except that the Exchange Shares have been registered under the Securities Act and, therefore, will not bear legends restricting their transfer.