Greece: DryShips Sells Two Tankers Under Construction at SHI

January 14, 2013

DryShips Inc., through its majority owned subsidiary, Ocean Rig UDW Inc., today, Jan.14th, announced the sale of two of its tankers under construction at Samsung Heavy Industries, Esperona and Blanca, to a third‐party buyer.

Under the terms of the two novation agreements dated December 27, 2012, the buyer assumes all rights, benefits, liabilities and obligations under both shipbuilding contracts, in exchange for cash consideration of $21.4 million (that is, $10.7 million for each vessel) paid by the Company to the Buyer. As a result of this transaction, Dryships is released from all its obligations under the shipbuilding contracts, both as the contracting party and as a guarantor.

George Economou, Chairman and Chief Executive Officer of the Company, commented: ‘‘As we have stated recently, the reduction or elimination of CAPEX has become a top priority for the Company. With the sale of these vessels, Dryships has reduced its CAPEX by approx. $101 million, after taking into consideration the payment of $21.4 million to the Buyer of the vessels.’’

Press Release, January 14, 2013