DryShips Inc. Announces Termination of the Common Stock Purchase Agreement With Kalani Investments Limited
ATHENS, GREECE--(Marketwired - Aug 11, 2017) - DryShips Inc. (NASDAQ: DRYS) ("DryShips" or the "Company"), a diversified owner
of ocean going cargo vessels, announces that in connection with the transactions announced earlier today (the "Proposed
Transactions"), (i) it has terminated the common stock purchase agreement, dated April 3, 2017, by and between the Company and
Kalani Investments Limited, a company organized and existing under the laws of the British Virgin Islands, effective immediately;
(ii) Mr. George Economou, the Company's Chairman and Chief Executive Officer, has agreed, either directly or through his
affiliated entities, to refrain from re-selling for a six month period any Company common shares to be acquired by him in the
Proposed Transactions; and (iii) the Company has agreed not to conduct any equity offerings until after December 31, 2017,
without the prior approval of the majority of its unaffiliated shareholders.
About DryShips Inc.
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) 4 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude
Carrier; (v) 2 Aframax tankers; (vi) 1 Suezmax tanker; (vii) 4 Very Large Gas Carriers, 3 of which are expected to be delivered
in September October and December of 2017; and (viii) 6 offshore support vessels, comprising 2 platform supply and 4 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
Forward-Looking Statement
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 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 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 factors related to the strength of world economies and currencies, general market
conditions, including changes in charter rates, utilization of vessels and vessel values, failure of a seller or shipyard to
deliver one or more vessels, failure of a buyer to accept delivery of a vessel, the Company's inability to procure acquisition
financing, default by one or more charterers of the Company's ships, changes in demand for drybulk or LPG commodities, changes in
demand that may affect attitudes of time charterers, scheduled and unscheduled drydockings, changes in the Company's voyage and
operating expenses, including bunker prices, dry-docking 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 DryShips Inc. with the Securities and Exchange Commission,
including the Company's most recently filed Annual Report on Form 20-F. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, except as required by law. If one or more forward-looking statements are updated, no
inference should be drawn that additional updates will be made.