DryShips (DRYS) Announces Completion of the "ATM" Equity Offering For $500 Million

April 16, 2009 4:22 PM EDT

DryShips Inc. (NASDAQ: DRYS) announced the completion of the ATM Equity Offering in which the Company raised gross proceeds of approximately $500 million since commencing the offering pursuant to the prospectus supplement filed on January 28, 2009. Merrill Lynch & Co. acted as sales agent in the offering. Following the completion of the program, the Company has approximately 184,760,000 common shares outstanding.

George Economou, Chairman and Chief Executive Officer of the Company, commented: "Given the status of the world economy, the fact that we have successfully raised $500 million of primary equity is a testament of DryShip's ability to tap the capital markets at any point in time. We would like to thank Merrill Lynch & Co. for their assistance. We believe the primary equity that we have raised has significantly improved our balance sheet and liquidity, and will enable us to continue reducing our debt obligations while also allowing us to take advantage of future growth opportunities."

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