Dryship Expands Fleet

DryShips, Inc., (NASDAQ:DRYS) entered into an agreement, with a unaffiliated third party, to acquire a resale contract for a 170,000 dwt Capesize bulk carrier, currently under construction in South Korea, for $147.5 million. The vessel is scheduled for delivery to DryShips in the second quarter of 2008. The acquisition is subject to customary closing conditions. Mr. George Economou, Chairman and CEO of DryShips Inc., commented: “We are pleased to announce the acquisition of a brand new Capesize vessel with a very attractive delivery position. This will enable us to take full advantage of the strong dry bulk market fundamentals expected for next year.”