DryShips Inc (fka DRYS)

[eastunder]

DryShips Announces Signing of Drilling Contract

(link back for original letter of Intent from 11-11-10)

Press Release Source: DryShips Inc. On Monday November 29, 2010, 8:45 am

http://finance.yahoo.com/news/DryShips-Announces-Signing-of-iw-3333717403.html?x=0&.v=1

ATHENS, GREECE--(Marketwire - 11/29/10) - DryShips Inc. (NASDAQ:DRYS - News) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced today that its fully-owned subsidiary Ocean Rig UDW Inc has signed definitive documentation following the previously announced Letter of Award. The contract signed with Borders & Southern Petroleum plc is for a two well contract for exploration drilling offshore the Falkland Islands for a period of about 90 days, commencing in the fourth quarter of 2011, immediately after the completion of the current contract. The contract value is approximately USD 77 million. There are three further optional wells that could extend the contract by 135 days.