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DryShips Inc. Reports Financial and Operating Results for the Third Quarter 2012

ATHENS, GREECE -- (Marketwire) -- 11/14/12 -- DryShips Inc. (NASDAQ: DRYS), or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the third quarter ended September 30, 2012.

Third Quarter 2012 Financial Highlights

  • For the third quarter of 2012, the Company reported a net loss of $51.3 million, or $0.13 basic and diluted loss per share.

Included in the third quarter 2012 results are:

  • Costs associated with the 10-year class survey for the Eirik Raude of $16.8 million, or $0.04 per share;
  • Non-cash write offs associated with the full repayment of the $1.04 billion senior secured credit facility totaling $18.3 million, or $0.05 per share; and
  • Non-cash mark-to-market gains on interest rate swaps totaling $3.7 million or $0.01 per share.

Excluding the above items, the Company's net results would have amounted to a net loss of $33.3 million, or $0.09 per share. (1)

The Company reported Adjusted EBITDA of $141.0 million for the third quarter of 2012, as compared to $172.9 million for the third quarter of 2011. (2)

Recent Events

  • Pursuant to Ocean Rig's previous announcements related to potential contract awards for the Ocean Rig Poseidon and Ocean Rig Athena, Ocean Rig has been awarded two three-year contracts for each rig for drilling in Angola from two different major international oil companies.

  • On October 24, 2012, the Company entered into a secured credit facility with ABN AMRO, Korea Development Bank and Korea Trade Insurance Corporation, or KSURE, for a $107.7 million senior secured term loan facility to partially finance our tankers, Alicante, Mareta and Bordeira. The term of the facility is 6 years and the repayment profile is 12 years.

  • As of September 30, 2012, the Company was not in compliance with certain loan-to-value ratios contained in certain of its original loan agreements under which a total of $157.3 million was outstanding as of that date. As a result, the Company may be required to prepay indebtedness or provide additional collateral to its lenders in the form of cash amounting to $77.2 million, in order to comply with these ratios.

  • On September 27, 2012, we entered into supplemental agreements under our $518.8 million senior loan facilities and $110.0 million junior loan facilities, each dated March 31, 2006, as amended. Under these supplemental agreements, we agreed to pledge 7,800,000 common shares of Ocean Rig in favor of the lending syndicates in order to remedy the value maintenance clause shortfall.

  • On September 20, 2012, Ocean Rig's wholly-owned subsidiary, Drill Rigs Holdings Inc., issued $800.0 million of aggregate principal amount of 6.50% Senior Secured Notes due 2017 offered in a private offering, resulting in net proceeds of approximately $782.0 million. Ocean Rig used a portion of the net proceeds of the sale of the notes to repay the full amount outstanding under its $1.04 billion senior secured credit facility.

  • In July 2012, Ocean Rig formally commenced syndication of a $1.35 billion senior secured term loan facility to partially finance our drillship newbuilding hulls Ocean Rig Mylos, Ocean Rig Skyros and Ocean Rig Athena. This facility will be led by DNB and Nordea and is expected to have a commercial tranche and two export credit agency, or ECA, tranches. Ocean Rig has received conditional commitments for the commercial tranche and one of the ECA tranches, and expects to finalize this transaction during the first quarter of 2013.

(1) The net result is adjusted for the minority interests of 35% not owned by DryShips Inc. common stockholders.

(2) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for a reconciliation to net income.

George Economou, Chairman and Chief Executive Officer of the Company, commented:

"The shipping market continues to be severely depressed. Both tanker and drybulk spot charter rates have been at historic low levels -- well below cash breakeven rate -- for some time. Unfortunately this is coming at a time when our lucrative legacy charters continue to expire on a staggered basis. We have contract coverage of 33% and 22% of the calendar days for 2013 and 2014, respectively.

The deteriorating economic situation in Europe, together with BASEL III capital requirements, have led to a number of shipping banks with large portfolios to exit the sector. High profile restructurings and payment defaults have started to take their toll on the few remaining lenders. This comes at a time when we have significant capital expenditures to finance our drybulk and tanker newbuilding programs. The lack of liquidity is further exacerbated by falling assets values, which continued to decline during the quarter.

The optimization of our drybulk and tanker newbuilding programs is our top priority right now and we are in discussions with the shipyards in this respect to reduce and prolong our CAPEX program. We are in a challenging environment so these negotiations will be difficult and drawn out but we believe a win-win solution could be found.

Our shareholding in Ocean Rig UDW Inc. provides some flexibility in addressing the capital needs of our shipping segment. For example, we have recently pledged (and will continue to pledge) some of our Ocean Rig shares to our banks to remedy covenant breaches. We continue to be bullish about the prospects for Ocean Rig. The backlog currently stands at $4.5 billion over three years and provides Ocean Rig with substantial cash flow visibility and growth. Given strong industry fundamentals and the fact that there are very few ultra-deepwater units available in 2013, we expect to further increase our already substantial backlog by entering into long-term contracts for our two remaining units available in 2013. We continue to build on the Ocean Rig story and have positioned the company to build further on this strong platform to become the preferred contractor in the ultra-deepwater sector."

Financial Review: 2012 Third Quarter

The Company recorded a net loss of $51.3 million, or $0.13 basic and diluted loss per share, for the three-month period ended September 30, 2012, as compared to a net income of $25.0 million, or $0.07 basic and diluted earnings per share, for the three-month period ended September 30, 2011. Adjusted EBITDA was $141.0 million for the third quarter of 2012, as compared to $172.9 million for the same period in 2011.(1)

For the drybulk carrier segment, net voyage revenues (voyage revenues minus voyage expenses) amounted to $41.1 million for the three-month period ended September 30, 2012, as compared to $85.5 million for the three-month period ended September 30, 2011. For the offshore drilling segment, revenues from drilling contracts increased by $59.7 million to $285.7 million for the three-month period ended September 30, 2012, as compared to $226.0 million for the same period in 2011. For the tanker segment, net voyage revenues amounted to $9.0 million for the three-month period ended September 30, 2012, as compared to $3.3 million for the same period in 2011.

Total vessels', drilling rigs' and drillships' operating expenses and total depreciation and amortization increased to $181.1 million and $84.6 million, respectively, for the three-month period ended September 30, 2012, from $105.7 million and $71.0 million, respectively, for the three-month period ended September 30, 2011. Total general and administrative expenses increased to $35.3 million in the third quarter of 2012 from $28.4 million during the comparative period in 2011.

Interest and finance costs, net of interest income, amounted to $51.9 million for the three-month period ended September 30, 2012, compared to $36.0 million for the three-month period ended September 30, 2011.

(1) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for a reconciliation to net income.

Fleet List

The table below describes our fleet profile as of November 14, 2012:

                    Year                       rate          Redelivery
                   Built   DWT       Type      Per day   Earliest  Latest
                 --------- --------- --------- --------- --------- ---------
Drybulk fleet

Mystic              2008   170,040   Capesize  $52,310   Aug-18    Dec-18
Robusto             2006   173,949   Capesize  $26,000   Aug-14    Dec-14
Cohiba              2006   174,234   Capesize  $26,250   Oct-14    Feb-15
Montecristo         2005   180,263   Capesize  $23,500   May-14    Oct-14
Flecha              2004   170,012   Capesize  $55,000   Jul-18    Nov-18
Manasota            2004   171,061   Capesize  $30,000   Jan-18    Aug-18
Partagas            2004   173,880   Capesize  $10,000   Jun-13    Aug-13
Alameda             2001   170,662   Capesize  $27,500   Nov-15    Jan-16
Capri               2001   172,579   Capesize  $10,000   Nov-13    Mar-14
Fakarava            2012   206,000   Capesize  $25,000   Sept-15   Sept-15

Raraka              2012   76,037    Panamax   $13,150   Feb-13    Apr-13
Woolloomooloo       2012   76,064    Panamax   $13,150   Jan-13    Mar-13
Amalfi              2009   75,206    Panamax   $39,750   Jul-13    Sep-13
Rapallo             2009   75,123    Panamax   Spot      N/A       N/A
Catalina            2005   74,432    Panamax   $40,000   Jun-13    Aug-13
Majorca             2005   74,477    Panamax   Spot      N/A       N/A
Ligari              2004   75,583    Panamax   Spot      N/A       N/A
Saldanha            2004   75,707    Panamax   Spot      N/A       N/A
Sorrento            2004   76,633    Panamax   $24,500   Aug-21    Dec-21
Mendocino           2002   76,623    Panamax   Spot      N/A       N/A
Bargara             2002   74,832    Panamax   Spot      N/A       N/A
Oregon              2002   74,204    Panamax   Spot      N/A       N/A
Ecola               2001   73,931    Panamax   Spot      N/A       N/A
Samatan             2001   74,823    Panamax   Spot      N/A       N/A
Sonoma              2001   74,786    Panamax   Spot      N/A       N/A
Capitola            2001   74,816    Panamax   Spot      N/A       N/A
Levanto             2001   73,925    Panamax   Spot      N/A       N/A
Maganari            2001   75,941    Panamax   Spot      N/A       N/A
Coronado            2000   75,706    Panamax   Spot      N/A       N/A
Marbella            2000   72,561    Panamax   Spot      N/A       N/A
Redondo             2000   74,716    Panamax   Spot      N/A       N/A
Topeka              2000   74,716    Panamax   $12,250   Dec-12    Feb-13
Ocean Crystal       1999   73,688    Panamax   Spot      N/A       N/A
Helena              1999   73,744    Panamax   Spot      N/A       N/A

Byron               2003   51,118    Supramax  Spot      N/A       N/A
Galveston           2002   51,201    Supramax  Spot      N/A       N/A

                    Year                       rate           Redelivery
                   Built   DWT       Type      Per day   Earliest  Latest
                 --------- --------- --------- --------- --------- ---------
Newbuilding VLOC
 #2                 2013   206,000   Capesize  Spot      N/A       N/A
Newbuilding VLOC
 #3                 2013   206,000   Capesize  $21,500   Jan-20    Jan-27
Newbuilding VLOC
 #4                 2013   206,000   Capesize  Spot      N/A       N/A
Newbuilding VLOC
 #5                 2014   206,000   Capesize  Spot      N/A       N/A
 Capesize 1         2013   176,000   Capesize  Spot      N/A       N/A
 Capesize 2         2013   176,000   Capesize  Spot      N/A       N/A
Newbuilding Ice
 -class Panamax 1   2014   75,900    Panamax   Spot      N/A       N/A
Newbuilding Ice
 -class Panamax 2   2014   75,900    Panamax   Spot      N/A       N/A
Newbuilding Ice
 -class Panamax 3   2014   75,900    Panamax   Spot      N/A       N/A
Newbuilding Ice
 -class Panamax 4   2014   75,900    Panamax   Spot      N/A       N/A
Tanker fleet
Petalidi            2012   158,300   Suezmax   Spot      N/A       N/A
Lipari              2012   158,300   Suezmax   Spot      N/A       N/A
Vilamoura           2011   158,300   Suezmax   Spot      N/A       N/A
Calida              2012   115,200   Aframax   Spot      N/A       N/A
Saga                2011   115,200   Aframax   Spot      N/A       N/A
Daytona             2011   115,200   Aframax   Spot      N/A       N/A
Belmar              2011   115,200   Aframax   Spot      N/A       N/A
Blanca              2013   158,300   Suezmax   Spot      N/A       N/A
Bordeira            2013   158,300   Suezmax   Spot      N/A       N/A
Esperona            2013   158,300   Suezmax   Spot      N/A       N/A
Alicante            2013   115,200   Aframax   Spot      N/A       N/A
Mareta              2013   115,200   Aframax   Spot      N/A       N/A

Drilling Rigs/Drillships:

Unit                    Year built  Redelivery Operating area   Backlog ($m)
                       ----------- ----------- ---------------- ------------
Leiv Eiriksson             2001      Q4 - 12   Falkland Islands      $17
Leiv Eiriksson             2001      Q1 - 16   North Sea            $653
Eirik Raude                2002      Q1 - 13   West Africa           $75
Ocean Rig Corcovado        2011      Q2 - 15   Brazil               $420
Ocean Rig Olympia          2011      Q3 - 15   Angola               $580
Ocean Rig Poseidon         2011      Q2 - 13   Africa                $85
Ocean Rig Poseidon         2011      Q2 - 16   Angola               $781
Ocean Rig Mykonos          2011      Q1 - 15   Brazil               $390
Ocean Rig Mylos            2013      Q3 - 16   Brazil               $677
Ocean Rig Skyros           2013        N/A     N/A                   N/A
Ocean Rig Athena           2013      Q1 - 17   Angola               $745
Newbuilding TBN            2015        N/A     N/A                   N/A
         Total                                                     $4,423

Drybulk Carrier and Tanker Segment Summary Operating Data (unaudited)

(Dollars in thousands, except average daily results)

Drybulk                            Three Months Ended    Nine Months Ended
                                      September 30,        September 30,
                                 --------------------- ---------------------
                                    2011       2012       2011       2012
                                 ---------- ---------- ---------- ----------
Average number of vessels(1)           35.2       35.2       35.7       35.6
Total voyage days for vessels(2)      3,197      3,233      9,619      9,715
Total calendar days for
 vessels(3)                           3,240      3,241      9,743      9,744
Fleet utilization(4)                  98.7%      99.8%      98.7%      99.7%
Time charter equivalent(5)          $26,732    $12,727    $27,412    $17,719
Vessel operating expenses
 (daily)(6)                          $5,844     $5,248     $6,020     $5,405

Tanker                             Three Months Ended    Nine Months Ended
                                     September 30,         September 30,
                                 --------------------- ---------------------
                                    2011       2012       2011       2012
                                 ---------- ---------- ---------- ----------
Average number of vessels(1)            3.0        7.0       2.21        6.0
Total voyage days for vessels(2)        276        644        602      1,649
Total calendar days for
 vessels(3)                             276        644        602      1,649
Fleet utilization(4)                   100%       100%       100%       100%
Time charter equivalent(5)          $11,880     13,978    $14,081    $14,959
Vessel operating expenses
 (daily)(6)                          $7,725      6,205    $10,169     $7,357

(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
(2) Total voyage days for fleet are the total days the vessels were in our possession for the relevant period net of off hire days.
(3) Calendar days are the total number of days the vessels were in our possession for the relevant period including off hire days.
(4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
(5) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE revenues, a non-U.S. GAAP measure, provides additional meaningful information in conjunction with revenues from our vessels, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Please see below for a reconciliation of TCE rates to voyage revenues.
(6) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

(In thousands of U.S. dollars, except for TCE rate, which is expressed in Dollars, and voyage days)

Drybulk                           Three Months Ended     Nine Months Ended
                                     September 30,          September 30,
                                 --------------------- ---------------------
                                    2011       2012       2011       2012
                                 ---------- ---------- ---------- ----------
Voyage revenues                     $88,613    $46,881   $278,741   $186,388
Voyage expenses                     (3,150)    (5,733)   (15,062)   (14,244)
                                 ---------- ---------- ---------- ----------
Time charter equivalent revenues    $85,463    $41,148   $263,679   $172,144
                                 ---------- ---------- ---------- ----------
Total voyage days for fleet           3,197      3,233      9,619      9,715
Time charter equivalent (TCE)
 rate                               $26,732    $12,727    $27,412    $17,719

Tanker                             Three Months Ended    Nine Months Ended
                                      September 30,        September 30,
                                 --------------------- ---------------------
                                    2011       2012       2011       2012
                                 ---------- ---------- ---------- ----------
Voyage revenues                      $3,400    $11,096     $8,748    $28,733
Voyage expenses                       (121)    (2,094)      (271)    (4,066)
                                 ---------- ---------- ---------- ----------
Time charter equivalent revenues     $3,279     $9,002     $8,477    $24,667
                                 ---------- ---------- ---------- ----------
Total voyage days for fleet             276        644        602      1,649
Time charter equivalent (TCE)
 rate                               $11,880    $13,978    $14,081    $14,959

                               Dryships Inc.

                            Financial Statements
         Unaudited Condensed Consolidated Statements of Operations

(Expressed in
 Thousands of U.S.
 Dollars except for
 share and per share     Three Months Ended           Nine Months Ended
 data)                      September 30,               September 30,
                     --------------------------  --------------------------
                         2011          2012          2011          2012
                     ------------  ------------  ------------  ------------

Voyage revenues      $     92,013  $     57,977  $    287,489  $    215,121
Revenues from
 drilling contracts       226,036       285,662       461,991       712,152
                     ------------  ------------  ------------  ------------
                          318,049       343,639       749,480       927,273

Voyage expenses             3,271         7,827        15,333        18,310
Vessel operating
 expenses                  21,066        21,006        64,772        64,802
Drilling rigs
 operating expenses        84,639       160,098       188,777       390,490
Depreciation and
 amortization              70,980        84,580       192,001       250,615
Vessel impairments
 and other, net             1,893            38        89,637         1,001
General and
 expenses                  28,422        35,331        86,592       106,475
Legal settlements
 and other                      -        (1,842)            -        (3,448)
                     ------------  ------------  ------------  ------------

Operating income          107,778        36,601       112,368        99,028

Interest and finance
 costs, net of
 interest income          (35,985)      (51,923)      (80,646)     (152,468)
Loss on interest
 rate swaps               (31,466)      (27,777)      (71,242)      (49,491)
Other, net                  3,777        (1,177)        7,588         1,399
Income taxes               (7,778)      (10,975)      (17,556)      (32,603)
                     ------------  ------------  ------------  ------------
Total other expenses      (71,452)      (91,852)     (161,856)     (233,163)
                     ------------  ------------  ------------  ------------

Net income/(loss)          36,326       (55,251)      (49,488)     (134,135)

Net income/ (loss)
 attributable to Non
 interests                (11,300)        3,980       (13,811)       17,207
                     ------------  ------------  ------------  ------------

Net income/(loss)
 attributable to
 Dryships Inc.       $     25,026  $    (51,271) $    (63,299) $   (116,928)
                     ============  ============  ============  ============

Earnings/(Loss) per
 common share, basic
 and diluted         $       0.07  $      (0.13) $      (0.19) $      (0.31)
Weighted average
 number of shares,
 basic and diluted    355,764,523   380,152,244   348,286,721   380,152,244

                                Dryships Inc.

               Unaudited Condensed Consolidated Balance Sheets

(Expressed in Thousands of U.S.
 Dollars)                               December 31, 2011 September 30, 2012
                                        ----------------- ------------------


  Cash and restricted cash (current and
   non-current)                         $         656,709 $          986,794
  Other current assets                            246,169            303,520
  Advances for vessels and rigs under
   construction and acquisitions                1,027,889          1,025,520
  Vessels, net                                  1,956,270          2,087,628
  Drilling rigs, drillships, machinery
   and equipment, net                           4,587,916          4,486,096
  Other non-current assets                        146,736            119,421
                                        ----------------- ------------------
  Total assets                                  8,621,689          9,008,979
                                        ================= ==================


  Total debt                                    4,241,835          4,453,519
  Total other liabilities                         441,192            535,938
  Total stockholders' equity                    3,938,662          4,019,522
                                        ----------------- ------------------
  Total liabilities and stockholders'
   equity                               $       8,621,689 $        9,008,979
                                        ================= ==================

Adjusted EBITDA Reconciliation

Adjusted EBITDA represents net income before interest, taxes, depreciation and amortization, vessel impairments, dry-dockings and class survey costs and gains or losses on interest rate swaps. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is included herein because it is a basis upon which the Company measures its operations and efficiency. Adjusted EBITDA is also used by our lenders as a measure of our compliance with certain covenants contained in our loan agreements and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness.

The following table reconciles net income to Adjusted EBITDA:

                            Three        Three
                            Months       Months    Nine Months  Nine Months
(Dollars in thousands)      Ended        Ended        Ended        Ended
                          September    September    September    September
                           30, 2011     30, 2012     30, 2011     30, 2012
                         -----------  -----------  -----------  -----------

Net income/(loss)        $    25,026      (51,271)     (63,299) $  (116,928)

Add: Net interest expense     35,985       51,923       80,646      152,468
Add: Depreciation and
 amortization                 70,980       84,580      192,001      250,615
Add: Impairment losses             -            -      112,104            -
Add: Dry-dockings and
 class survey costs            1,700       17,033       21,412       22,763
Add: Income taxes              7,778       10,975       17,556       32,603
Add: Loss on interest
 rate swaps                   31,466       27,777       71,242       49,491
                         -----------  -----------  -----------  -----------
Adjusted EBITDA          $   172,935      141,017      431,662  $   391,012
                         ===========  ===========  ===========  ===========

Conference Call and Webcast: November 15, 2012

As announced, the Company's management team will host a conference call, on Thursday, November 15, 2012 at 9:00 a.m. Eastern Standard Time to discuss the Company's financial results.

Conference Call Details

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from outside the US). Please quote "DryShips."

A replay of the conference call will be available until November 22, 2012. The United States replay number is 1(866) 247- 4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 55 00 00 and the access code required for the replay is: 2133051#.

A replay of the conference call will also be available on the Company's website at www.dryships.com under the Investor Relations section.

Slides and Audio Webcast

There will also be a simultaneous live webcast over the Internet, through the DryShips Inc. website (www.dryships.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About DryShips Inc.

DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 10 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 8 ultra deepwater drillships, 3 of which remain to be delivered to Ocean Rig during 2013 and 1 is scheduled for delivery during 2015. DryShips owns a fleet of 46 drybulk carriers (including newbuildings), comprising 12 Capesize, 28 Panamax, 2 Supramax and 4 newbuilding Very Large Ore Carriers (VLOC) with a combined deadweight tonnage of approximately 5.1 million tons, and 12 tankers (including newbuildings), comprising 6 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.6 million tons.

DryShips' common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "DRYS."

Visit the Company's website at www.dryships.com

Forward-Looking Statement

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 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 charterhire and drilling dayrates and drybulk vessel, drilling rig and drillship values, failure of a seller to deliver one or more drilling rigs, 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 charterers of our ships, 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, changes in governmental rules and regulations 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 U.S. Securities and Exchange Commission.

Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: [email protected]

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A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
We are given a desktop platform with Java 8 or Java 9 installed and seek to find a way to deploy high-performance Java applications that use Java 3D and/or Jogl without having to run an installer. We are subject to the constraint that the applications be signed and deployed so that they can be run in a trusted environment (i.e., outside of the sandbox). Further, we seek to do this in a way that does not depend on bundling a JRE with our applications, as this makes downloads and installations rat...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
The IoT Will Grow: In what might be the most obvious prediction of the decade, the IoT will continue to expand next year, with more and more devices coming online every single day. What isn’t so obvious about this prediction: where that growth will occur. The retail, healthcare, and industrial/supply chain industries will likely see the greatest growth. Forrester Research has predicted the IoT will become “the backbone” of customer value as it continues to grow. It is no surprise that retail is ...