DryShips Inc. provides ocean transportation services for drybulk and petroleum cargoes through its ownership and operation of drybulk carrier vessels and oil tankers; and offshore drilling services, through the ownership and operation by its majority-owned subsidiary, Ocean Rig UDW, of ultra-deepwater drilling units. As of February 14, 2014, the company owned a fleet of 38 drybulk carriers, comprised of 12 Capesize, 24 Panamax and 2 Supramax vessels, which have a combined deadweight tonnage of approximately 4.1 million deadweight tons and an average age of approximately 9.7 years; 8 drilling units, comprised of 2 modern, fifth generation, advanced capability ultra-deepwater semisubmersible offshore drilling rigs, 4 sixth generation, advanced capability ultra-deepwater drillships and 2 seventh generation, advanced capability ultra-deepwater drillships; and 10 oil tankers, comprised of 6 Aframax and 4 Suezmax tankers. In addition, as of February 14, 2014, the company had entered into contracts for the construction of four Panamax Ice Class 1A drybulk vessels, scheduled for delivery in 2014; and three seventh generation, advanced capability ultra-deepwater drillships, scheduled for delivery in 2014, January 2015 and December 2015, respectively. The company’s drybulk carriers, drilling units and oil tankers operate worldwide within the trading limits imposed by its insurance terms. The company manages the deployment of its drybulk fleet between long-term time charters and short-term time charters or spot charters, which generally last from various weeks to various days, and long-term time charters and bareboat charters, which can last up to various years. As of February 14, 2014, 19 of the company’s drybulk vessels were employed under time charters and 19 of its drybulk vessels were employed in the spot market. Customers The company’s customers in the offshore drilling segment are generally major oil companies, integrated oil and gas companies, state-owned national oil companies and independent oil and gas companies. Seasonality To the extent that the company must enter into new charters or renew an existing charters for vessels in its fleet during a time when seasonal variations have reduced prevailing charter rates, its operating results may be adversely affected. Environmental and Other Regulations in the Offshore Drilling Industry The company’s offshore drilling operations include activities that are subject to various international, federal, state and local laws and regulations, including the International Convention for the Prevention of Pollution from Ships, or MARPOL, the International Convention on Civil Liability for Oil Pollution Damage of 1969, generally referred to as CLC, the International Convention on Civil Liability for Bunker Oil Pollution Damage, or Bunker Convention, the International Convention for the Safety of Life at Sea of 1974, or SOLAS, the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or ISM Code, the International Convention for the Control and Management of Ships' Ballast Water and Sediments in February 2004, or the BWM Convention, the U.S. Oil Pollution Act of 1990, or OPA, the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, the U.S. Clean Water Act, the U.S. Clean Air Act, the U.S. Outer Continental Shelf Lands Act, the U.S. Maritime Transportation Security Act of 2002, or the MTSA, European Union regulations, and Brazil's National Environmental Policy Law (6938/81), Environmental Crimes Law (9605/98) and federal law (9966/2000) relating to pollution in Brazilian waters. The company’s drilling units are subject not only to MARPOL regulation of air emissions, but also to the Bunker Convention's strict liability for pollution damage caused by discharges of bunker fuel in jurisdictional waters of ratifying states. History DryShips Inc., a corporation organized under the laws of the Republic of the Marshall Islands, was founded in 2004.The company was incorporated in 2004.
(DRYS:Consolidated Issue Listed on NASDAQ Global Select )
74-76 V. Ipeirou Street
Athens, 151 25
Phone: 30 210 80 90 570
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