Dryships Inc. Announces Appointment of Interim Ocean Rig UDW Chief Executive Officer

News Release DryShips Inc. July 16, 2010

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ATHENS, GREECE - July 15, 2010 - DryShips Inc.
(NASDAQ: DRYS) a global
provider of marine transportation services for drybulk cargoes and
off-shore contract
drilling oil services, announced today the appointment of Mr.
George Economou,
Chairman of the Board and Chief Executive Officer, as interim
Chief Executive Officer
for the Company’s fully-owned subsidiary Ocean Rig UDW.
This follows the resignation of Mr. David Mullen, Chief Executive
Officer of the Ocean
Rig Group of companies, who is leaving the Company to pursue other
interests, effective
August 7, 2010. The Company has commenced a search for a permanent
replacement.
George Economou, Chairman and Chief Executive Officer of the
Company commented:
“The Board of Directors wishes to acknowledge the good services
rendered by Mr.
Mullen and wish him success in his future
activities.”
About DryShips Inc.
DryShips Inc., based in Greece, is an owner and operator of
drybulk carriers and offshore
oil deep water drilling that operate worldwide. As of the day of
this release, DryShips
owns a fleet of 39 drybulk carriers (including newbuildings)
comprising 7 Capesize, 30
Panamax and 2 Supramax, with a combined deadweight tonnage of over
3.5 million tons,
2 ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding
drillships.
DryShips Inc.'s common stock is listed on the NASDAQ Global Market
where trades
under the symbol "DRYS".</DIV></BODY></HTML>