DryShips Drilling Contract for Ocean Rig Poseidon

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that its subsidiary Ocean Rig UDW Inc. has entered into a drilling contract for its 3rd drillship newbuilding Ocean Rig Poseidon. As part of this agreement, the Leiv Eiriksson will be released early from the existing contract and will be made available in Q2 2011. The firm contract period is for about 600 days plus a mobilization period. The total contract value including mobilization is $353m.