Dryships inc. Announces filing of form f-1 registration statement for planned spin off of its gas carrier business

February 8, 2018, Athens, Greece – DryShips Inc. (NASDAQ:DRYS) (“DryShips” or the “Company”), a diversified owner of ocean going cargo vessels, announced today that its wholly owned subsidiary,

as Ships Limited Inc., (“Gas Ships Limited”) has filed a registration statement on Form F-1 with the U.S. Securities & Exchange Commission.  The filing relates to the Company’s spin off of its gas carrier business from the Company. In the spin-off, DryShips will distribute to holders of its common stock 49\% of the issued and outstanding shares of Gas Ships Limited’s common stock.  Following the spin-off, Gas Ships Limited will be a publicly-traded company, and DryShips will retain a 51\% ownership interest in Gas Ships Limited.

Mr. George Economou, the Company’s Chairman and Chief Executive Officer, commented:

“The filing of the Form F-1 Registration Statement is an important step in the process of establishing Gas Ships Limited as a new, stand-alone company with its own strategic focus, independence and priorities. We believe that this business is well-positioned for success as a separate company.”

A copy of Gas Ships Limited’s initial Form F-1 Registration Statement, which contains financial and other information regarding Gas Ships Limited and the spin-off, is available at www.sec.gov.  The initial Form F-1 Registration Statement may be subsequently amended to provide further information regarding Gas Ships Limited and the spin-off prior to its completion.

The spin-off is subject to certain conditions, including the effectiveness of Gas Ships Limited’s Form F-1 registration statement and final approval and declaration of the distribution by DryShips’ Board of Directors.  DryShips may, at any time until the closing of the spin-off, decide to abandon, modify or change the terms of the spin-off. 

About DryShips Inc.

The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 35 vessels comprising of (i) 12 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Aframax tankers; (vi) 1 Suezmax tanker; (vii) 4 Very Large Gas Carriers and (viii) 6 offshore support vessels, including 2 platform supply and 4 oil spill recovery vessels.

DryShips’ common stock is listed on the NASDAQ Capital Market where it trades under the symbol “DRYS.”

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