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March 19, 2009

Ocean Rig semi to explore in Black Sea

DryShips Inc. (NasdaqGS:DRYS) reports that its wholly-owned subsidiary Ocean Rig ASA has received a letter of award from Petrobras for a three-year period employment contract for its semisubmersible Leiv Eiriksson.

The rig will be used for exploration drilling in the Black Sea and the three year term includes mobilization, disassembly and reassembly of the derrick structure for transit through the Bosporus Strait.

The contract is expected to commence in direct continuation from the rig's current contract with Shell. The contract value is approximately $630 million including an estimated 60 days of mobilization, disassembly/reassembly of the derrick structure and an incentive bonus of 8 percent.

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

"We are very pleased to be part of this exciting exploration project with Petrobras and see this as an excellent opportunity to expand our relationship with Petrobras, the biggest end-user of ultra deep water units in the world. This will enhance the cash flow stability and visibility of our UDW drilling unit. This recent fixture is testament of the strong fundamentals of the ultra deep water drilling segment which is underpinned by the large exploration and production projects already under way by oil majors and national oil companies."


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