ATHENS, GREECE--(Marketwired - Apr 6, 2017) - DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a diversified
owner of ocean going cargo vessels, announced today that its Board of Directors (the "Board") has determined to effect a
1-for-4 reverse stock split of the Company's common shares. At the Company's annual general meeting of shareholders on October
26, 2016, the Company's shareholders approved the reverse stock split and granted the Board, or a duly constituted committee
thereof, the authority to determine the exact split ratio and proceed with the reverse stock split.
The reverse stock split will take effect, and the Company's common stock will begin trading on a split-adjusted basis on the
Nasdaq Capital Market as of the opening of trading on April 11, 2017 under the existing trading symbol "DRYS". The new CUSIP
number for the common stock following the reverse stock split is Y2109Q143. When the reverse stock split becomes effective, every
four shares of the Company's issued common stock will be automatically combined into one share of common stock.
No fractional shares will be issued in connection with the reverse split of the issued common stock. Shareholders who would
otherwise hold a fractional share of the Company's common stock will receive a cash payment in lieu thereof at a price equal to
that fraction to which the shareholder would otherwise be entitled multiplied by the closing price of the Company's common stock
on the Nasdaq Capital Market on April 10, 2017.
Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any
action and will see the impact of the reverse stock split reflected in their accounts on or after April 11, 2017. Such beneficial
holders may contact their bank, broker, or nominee for more information.
Shareholders with shares held in certificate form will receive instructions from the Company's exchange agent, American Stock
Transfer & Trust Company, LLC, for exchanging their stock certificates for a new certificate representing the shares of common
stock resulting from the reverse split.
Additional information about the reverse stock split can be found in the Company's proxy statement furnished to the Securities
and Exchange Commission on September 23, 2016, a copy of which is available on the Commission's website at www.sec.gov.
About DryShips
The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of
(i) 13 Panamax drybulk vessels; (ii) four Newcastlemax drybulk vessels, which are expected to be delivered in the second quarter
of 2017; (iii) three Kamsarmax drybulk vessels, two second-hand vessels expected to be delivered in the second quarter of 2017
and one newbuilding expected to be delivered in the third quarter of 2017; (iv) one very large crude carrier, which is expected
to be delivered in the second quarter of 2017; (v) one Aframax tanker newbuilding and one Aframax second-hand tanker, both of
which are expected to be delivered in the second quarter of 2017; (vi) four VLGC newbuildings, two of which are expected to be
delivered in June and September 2017 and the other two before the end of 2017; and (vii) six offshore support vessels, comprising
two platform supply and four oil spill recovery vessels.
DryShips' common stock is listed on the NASDAQ Capital Market where it trades under the symbol "DRYS."
Visit the Company's website at www.dryships.com. The information
contained on the Company's website does not constitute a part of this press release.
Forward-Looking Statements
Matters discussed in this 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 our current views with respect to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
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 our
records and other data available from third parties. Although we believe 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 our control, we cannot assure you that it will achieve or accomplish these expectations, beliefs or
projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies and currencies, general market conditions, including changes
in charter rates and dayrates and vessel and drilling dayrates and drybulk vessel, drilling rig and drillship values, failure of
a seller to deliver one or more vessels or drilling units, drillships or drybulk vessels, failure of a buyer to accept delivery
of a drilling rig, drillship, or vessel, inability to procure acquisition financing, default by one or more customers, changes in
demand for drybulk commodities or oil, changes in demand that may affect attitudes of time charterers and customer drilling
programs, scheduled and unscheduled drydockings and upgrades, changes in our operating expenses, including bunker prices,
drydocking and insurance costs, complications associated with repairing and replacing equipment in remote locations, limitations
on insurance coverage, such as war risk coverage, in certain areas, changes in governmental rules and regulations or actions
taken by regulatory authorities, potential liability from pending or future litigation, changes in tax laws, treaties and
regulations, tax assessments and liabilities for tax issues, domestic and international political conditions, potential
disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by DryShips Inc. with the U.S. Securities and Exchange
Commission, including the Company's most recently filed Annual Report on Form 20-F.