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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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Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...