ATHENS, GREECE--(Marketwired - Feb 17, 2017) - DryShips Inc. (NASDAQ: DRYS) (the "Company"), a diversified owner of ocean
going cargo vessels, announced today that it has entered into an agreement with Kalani Investments Limited ("Kalani"), an entity
that is not affiliated with the Company. Under the agreement the Company may sell up to $200.0 million of its common stock to
Kalani over a period of 24 months, subject to certain limitations. Proceeds from any sales of common stock will be used for
general corporate purposes.
Kalani has no right to require any sales and is obligated to purchase the common stock as directed by the Company, subject to
certain limitations set forth in the agreement. In consideration for entering into the agreement, the Company has agreed to issue
up to $1.5 million of its common stock to Kalani as a commitment fee. No warrants, derivatives, or other share classes are
associated with this agreement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers of
securities will be made only by means of a prospectus supplement and accompanying base prospectus. A shelf registration statement
on Form F-3 (File No. 333-202821), including a base prospectus, relating to the securities being offered has been filed with the
U.S. Securities and Exchange Commission ("SEC") and declared effective. A prospectus supplement relating to the offering is being
filed by the Company with the SEC. Copies of the prospectus supplement, together with the accompanying base prospectus, can be
obtained at the SEC's website at http://www.sec.gov or from DryShips Inc., 109
Kifissias Avenue and Sina Street, 151 24, Marousi, Athens, Greece, Attention: Investor Relations.
About DryShips Inc.
The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 13 Panamax
drybulk carriers with a combined deadweight tonnage of approximately 1.0 million tons, 1 very large gas carrier newbuilding and 6
offshore supply vessels, comprising two platform supply and four oil spill recovery vessels.
The Company's common stock is listed on the NASDAQ Capital Market where it trades under the symbol "DRYS."
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to provide prospective information about their business. The Company
desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including
this cautionary statement in connection with such safe harbor legislation.
Forward-looking statements reflect the Company's current views with respect to future events, including the offering of common
stock and financial performance and may include statements concerning plans, objectives, goals, strategies and other
statements.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, management's examination of historical operating trends, data contained in the
Company's records and other data available from third parties. Although the Company believes that these assumptions were
reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the
forward-looking statements include the price and trading volume for the Company's common stock, the strength of world economies
and currencies, general market conditions, including changes in charter rates and vessel values, failure of a seller to deliver
one or more vessels, failure of a buyer to accept delivery of a vessel, inability to procure financing for capital expenditures
or refinancing for existing indebtedness on acceptable terms or at all, defaults or contract terminations by one or more
charterers of the Company's vessels, changes in demand for drybulk or LPG commodities, LPG or offshore support services, changes
in charter rates that may affect the willingness of time charterers to complete their charters or cause time charterers to seek
to renegotiate charters, scheduled and unscheduled drydocking, changes in the Company's voyage and operating expenses, including
bunker prices, drydocking and insurance costs, changes in governmental rules and regulations, changes in the Company's
relationships with the lenders under its debt agreements, potential liability from pending or future litigation, domestic and
international political conditions, potential disruption of shipping routes due to accidents, international hostilities and
political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by the Company with the SEC, including the Company's most
recently filed Annual Report on Form 20-F.