SOURCE: DryShips Inc.

October 06, 2006 16:05 ET

Dryships Inc. Announces Appointment of Interim Chief Financial Officer

ATHENS, GREECE -- (MARKET WIRE) -- October 6, 2006 -- The Board of Directors of Dryships Inc. (NASDAQ: DRYS) has appointed Mr. George Economou, Chairman of the Board and Chief Executive Officer, to act as interim Chief Financial Officer of Dryships.

This follows the resignation of Mr. Christopher J. Thomas, Director and Chief Financial Officer who is leaving the Company to pursue other shipping interests effective today. The Board has formed a committee to search for a permanent replacement.

Mr. George Economou, Chairman of the Board commented:

"The Board of Directors wishes to acknowledge the good services rendered by Mr. Thomas since the Company's IPO in February 2005 to the present day and wish him success in his new business activity."

About DryShips Inc.

DryShips Inc., based in Greece, is an owner and operator of drybulk carriers that operate worldwide. As of the day of this Release, DryShips owns a fleet of 33 drybulk carriers consisting of 4 Capesize, 26 Panamax and 3 Handymax vessels, with a combined deadweight tonnage of approximately 2.7 million. DryShips maintains its executive offices in Greece.

DryShips Inc.'s common stock is listed on NASDAQ National Market where it trades under the symbol "DRYS."

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. 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 DryShips Inc. 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 our control, DryShips Inc. 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 charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in DryShips Inc.'s operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, 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 US Securities and Exchange Commission.

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