DryShips Inc. Announces Ocean Rig UDW Inc. Common Stock Purchase Program
News Release
DryShips Inc.
December 29, 2010
ATHENS, GREECE—December 22, 2010 - DryShips Inc. (NASDAQ:DRYS) (the
"Company" or "DryShips"), a global provider of marine transportation services for
drybulk cargoes and off-shore contract drilling oil services, announced today that its
Board of Directors has approved a share purchase program for up to a total of $25.0
million of common stock of its majority-owned subsidiary Ocean Rig UDW Inc., which
may be purchased from time to time through March 31, 2011.
Share purchases by the Company will be made for cash in open market transactions in
Norway on the OTC market maintained by the Norwegian Association of Stockbroking
Companies at prevailing market prices or in privately negotiated transactions; provided
that the maximum price shall be $17.50 per share. The timing and amount of purchases
under the program will be determined by management based upon market conditions and
other factors.
The program does not require the Company to purchase any specific number or amount
of Ocean Rig UDW Inc. common stock and may be suspended or reinstated at any time
in the Company’s discretion and without notice.
This press release shall not be deemed an offer to purchase or a solicitation of an offer to
sell to U.S. persons.
About DryShips
DryShips Inc., based in Greece, is an owner and operator of drybulk carriers and offshore
ultra deepwater drilling units 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 and 6 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater
semisubmersible drilling rigs and 4 ultra deepwater newbuilding drillships.
DryShips's common stock is listed on the NASDAQ Global Select Market where it trades
under the symbol "DRYS."
"Company" or "DryShips"), a global provider of marine transportation services for
drybulk cargoes and off-shore contract drilling oil services, announced today that its
Board of Directors has approved a share purchase program for up to a total of $25.0
million of common stock of its majority-owned subsidiary Ocean Rig UDW Inc., which
may be purchased from time to time through March 31, 2011.
Share purchases by the Company will be made for cash in open market transactions in
Norway on the OTC market maintained by the Norwegian Association of Stockbroking
Companies at prevailing market prices or in privately negotiated transactions; provided
that the maximum price shall be $17.50 per share. The timing and amount of purchases
under the program will be determined by management based upon market conditions and
other factors.
The program does not require the Company to purchase any specific number or amount
of Ocean Rig UDW Inc. common stock and may be suspended or reinstated at any time
in the Company’s discretion and without notice.
This press release shall not be deemed an offer to purchase or a solicitation of an offer to
sell to U.S. persons.
About DryShips
DryShips Inc., based in Greece, is an owner and operator of drybulk carriers and offshore
ultra deepwater drilling units 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 and 6 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater
semisubmersible drilling rigs and 4 ultra deepwater newbuilding drillships.
DryShips's common stock is listed on the NASDAQ Global Select Market where it trades
under the symbol "DRYS."