Dryships Announces $353 million Drilling Contract for Ocean Rig Poseidon

DryShips Inc. , 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 USD 353 million.

Mr. George Economou, Chairman and CEO of DryShips Inc., commented:

“We are pleased to announce the employment of the Ocean Rig Poseidon with Petrobras Tanzania. The contract highlights the relationship we have developed with a key strategic customer and we are happy to accommodate their requirements. This contract also highlights the specialized nature of our sixth generation state of the art drillships where it was the preferred solution.”

About DryShips

DryShips Inc., based in Greece, is an owner and operator of drybulk carriers and offshore ultra deepwater drilling units that operate worldwide. As of the day of this release, DryShips owns a fleet of 39 drybulk carriers (including newbuildings), comprising 7 Capesize, 30 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.5 million tons and 6 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 4 ultra deepwater newbuilding drillships, three of which will be delivered in 2011.

Source:Dryships, January 5, 2011;

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