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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:


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

Capesize:
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

Panamax:
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

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





                                               Gross
                    Year                       rate           Redelivery
                   Built   DWT       Type      Per day   Earliest  Latest
                 --------- --------- --------- --------- --------- ---------
Newbuildings
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
Newbuilding
 Capesize 1         2013   176,000   Capesize  Spot      N/A       N/A
Newbuilding
 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
Newbuildings
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
Newbuildings
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
                     ------------  ------------  ------------  ------------

REVENUES:
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

EXPENSES:
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
 administrative
 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

OTHER INCOME /
 (EXPENSES):
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
 controlling
 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
                                        ----------------- ------------------

ASSETS

  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
                                        ================= ==================


LIABILITIES AND STOCKHOLDERS' EQUITY

  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.

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SYS-CON Events announced today that On the Avenue Marketing Group, a sales and marketing firm that utilizes events to market and sell products to consumers, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. On the Avenue Marketing Group (OTA) is a sales and marketing firm that utilizes events to market and sell products to consumers. On behalf of our clients, we attend thousands of fairs, festivals, expos, concerts, conferences, and sporting events annually, helping them reach millions of individuals ...
SYS-CON Events announced today that ActiveState, the leading independent Cloud Foundry and Docker-based PaaS provider, has been named “Silver Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. ActiveState believes that enterprises gain a competitive advantage when they are able to quickly create, deploy and efficiently manage software solutions that immediately create business value, but they face many challenges that prevent them from doing so. The Company is uniquely positioned to help address these challenges thro...
BroadSoft on Tuesday announced that it is a recipient of the 2014 Frost & Sullivan Market Leadership Award in the Hosted/Cloud Internet Protocol (IP) Telephony market for Latin America. According to Frost & Sullivan market research, the Latin America (LATAM) hosted/cloud Internet Protocol (IP) telephony market, including integrated unified communications and collaboration (UC&C) applications, is currently experiencing a rapid growth trajectory and is expected to exhibit a tenfold rise in annual revenues in the 2013-2020 period. With more than 600 cloud deployments internationally, BroadSoft w...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® and DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and sim...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
SYS-CON Events announced today that StorPool Storage will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. StorPool is distributed storage software that allows service providers, enterprises and other cloud builders to run data storage on standard x86 servers, instead of using expensive and inefficient storage arrays (SAN).
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
SYS-CON Events announced today that Site24x7, the cloud infrastructure monitoring service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Site24x7 is a cloud infrastructure monitoring service that helps monitor the uptime and performance of websites, online applications, servers, mobile websites and custom APIs. The monitoring is done from 50+ locations across the world and from various wireless carriers, thus providing a global perspective of the end-user experience. Site24x7 supports monitoring H...
Sonus Networks introduced the Sonus WebRTC Services Solution, a virtualized Web Real-Time Communications (WebRTC) offer, purpose-built for the Cloud. The WebRTC Services Solution provides signaling from WebRTC-to-WebRTC applications and interworking from WebRTC-to-Session Initiation Protocol (SIP), delivering advanced real-time communications capabilities on mobile applications and on websites, which are accessible via a browser.
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manufacturing, ...
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
SYS-CON Events announced today that Tufin, the market-leading provider of Security Policy Orchestration Solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. As the market leader of Security Policy Orchestration, Tufin automates and accelerates network configuration changes while maintaining security and compliance. Tufin's award-winning Orchestration Suite™ gives IT organizations the power and agility to enforce security policy across complex, multi-vendor enterprise networks. With more than 1...
SYS-CON Events announced today that Cloudian, Inc., the leading provider of hybrid cloud storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cloudian, Inc., is a Foster City, California - based software company specializing in cloud storage software. The main product is Cloudian, an Amazon S3-compliant cloud object storage platform, the bedrock of cloud computing systems, that enables cloud service providers and enterprises to build reliable, affordable and scalable cloud storage solu...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
“With easy-to-use SDKs for Atmel’s platforms, IoT developers can now reap the benefits of realtime communication, and bypass the security pitfalls and configuration complexities that put IoT deployments at risk,” said Todd Greene, founder & CEO of PubNub. PubNub will team with Atmel at CES 2015 to launch full SDK support for Atmel’s MCU, MPU, and Wireless SoC platforms. Atmel developers now have access to PubNub’s secure Publish/Subscribe messaging with guaranteed ¼ second latencies across PubNub’s 14 global points-of-presence. PubNub delivers secure communication through firewalls, proxy ser...