DryShips Inc. Announces Filing of Form F-1 Registration Statement for Planned Spin Off of its Gas Carrier Business

Athens, Greece - February 8, 2018

DryShips Inc. (NASDAQ:DRYS) (“DryShips”or the “Company”), a diversified owner of ocean goingcargo vessels, announced today that its wholly owned subsidiary, Gas Ships Limited Inc., (“Gas Ships Limited”) has filed a registration statement on Form F-1 with the U.S. Securities & Exchange Commission.

The filing relates to the Company’s spin off of its gas carrier business from the Company. In the spin-off, DryShips will distribute to holders of its common stock 49% of the issued and outstanding shares of Gas Ships Limited’s common stock. Following the spin-off, Gas Ships Limited will be a publicly-traded company, and DryShips will retain a 51% ownership interest in Gas Ships Limited.

Mr. George Economou, the Company’s Chairman and Chief Executive Officer, commented: "The filing of the Form F-1 Registration Statement is an important step in the process of establishing Gas Ships Limited as a new, stand-alone company with its own strategic focus, independence and priorities. We believe that this business is well-positioned for success as a separate company."

A copy of Gas Ships Limited’s initialForm F-1 Registration Statement, which contains financial and other information regarding Gas Ships Limited and the spin-off, is available at www.sec.gov. The initial Form F-1 Registration Statement may be subsequently amended to provide further information regarding Gas Ships Limited and the spin-off prior to its completion. The spin-off is subject to certain conditions, including the effectiveness of Gas Ships Limited’s Form F-1 registration statement and final approval and declaration of the distribution by DryShips’ Board of Directors. DryShips may, at any time until the closing of the spin-off, decide to abandon, modify or change the terms of the spin-off.

About DryShips Inc.
The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 35 vessels comprising of (i) 12 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 and (viii) 6 offshore support vessels, including 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

DryShips Inc. press release