DryShips Appoints Interim CEO for Subsidiary

DryShips announced the appointment of Mr. George Economou, Chairman of the Board and Chief Executive Officer, as interim Chief Executive Officer for the Company's fully-owned subsidiary Ocean Rig UDW.

This follows the resignation of Mr. David Mullen, Chief Executive Officer of the Ocean Rig Group of companies, who is leaving the Company to pursue other interests, effective August 7, 2010. The Company has commenced a search for a permanent replacement.

George Economou, Chairman and Chief Executive Officer of the Company commented, "The Board of Directors wishes to acknowledge the good services rendered by Mr. Mullen and wish him success in his future activities."

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