DryShips Inc. Announces Exchange Offer of Common Shares by Ocean Rig UDW Inc.
News Release
DryShips Inc.
August 29, 2011
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<P><FONT size=3>ATHENS, GREECE—August 29, 2011 - DryShips Inc. (NASDAQ:DRYS)
(the "Company" or "DryShips"), a global provider of marine transportation
services for drybulk and petroleum cargoes and off-shore contract drilling oil
services, today announced the commencement of an offer by its majority-owned
subsidiary, Ocean Rig UDW ("Ocean Rig"), to exchange up to 28,571,428 new shares
of Ocean Rig common stock (the "Exchange Shares") that have been registered
under the U.S. Securities Act of 1933, as amended (the "Securities Act") for an
equivalent number of common shares of Ocean Rig previously sold in a private
offering in December 2010 (the "Original Shares"). 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. </P>
<P>The exchange offer will expire at 5:00 p.m., New York City time, 11:00 p.m.,
Oslo time, on September 27, 2011, unless extended by the Company. Tenders of the
Original Shares must be properly made before the exchange offer expires and may
be withdrawn at any time before the expiration of the exchange offer. </P>
<P>This release is does not constitute an offer to sell, or the solicitation of
an offer to buy, securities. The exchange offer is being made only pursuant to a
prospectus and the related letter of transmittal and only to such persons and in
such jurisdictions as is permitted under applicable law.
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<P><FONT size=3>ATHENS, GREECE—August 29, 2011 - DryShips Inc. (NASDAQ:DRYS)
(the "Company" or "DryShips"), a global provider of marine transportation
services for drybulk and petroleum cargoes and off-shore contract drilling oil
services, today announced the commencement of an offer by its majority-owned
subsidiary, Ocean Rig UDW ("Ocean Rig"), to exchange up to 28,571,428 new shares
of Ocean Rig common stock (the "Exchange Shares") that have been registered
under the U.S. Securities Act of 1933, as amended (the "Securities Act") for an
equivalent number of common shares of Ocean Rig previously sold in a private
offering in December 2010 (the "Original Shares"). 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. </P>
<P>The exchange offer will expire at 5:00 p.m., New York City time, 11:00 p.m.,
Oslo time, on September 27, 2011, unless extended by the Company. Tenders of the
Original Shares must be properly made before the exchange offer expires and may
be withdrawn at any time before the expiration of the exchange offer. </P>
<P>This release is does not constitute an offer to sell, or the solicitation of
an offer to buy, securities. The exchange offer is being made only pursuant to a
prospectus and the related letter of transmittal and only to such persons and in
such jurisdictions as is permitted under applicable law.
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