$ 1.3 bln Term Loan Facility for Subsidiaries of Ocean Rig UDW Inc.

DryShips Inc.  a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. (ORIG) of offshore deepwater drilling services, today announced that due to favorable loan market conditions, Ocean Rig’s wholly owned subsidiaries, Drillships Ocean Ventures Inc. and Drillships Ventures Projects Inc., intend to increase the amount of their proposed senior secured term loan to $1.3 billion and not to proceed with their proposed senior secured notes offering.

Ocean Rig had previously announced that Drillships Ocean Ventures Inc. and Drillships Ventures projects Inc. intended to consummate a new $800.0 million senior secured term loan and to concurrently offer $500.0 million in aggregate principal amount of senior secured notes due 2022.

Ocean Rig intends to use the net proceeds from the senior secured term loan, if completed, together with cash on hand, to repay all of the outstanding amounts under its $1.35 billion senior secured term loan facility.

DryShips’ common stock is listed on the Nasdaq Global Select Market where it trades under the symbol “DRYS”.
 
The Company’s website is at www.dryships.com.