On December 3, 2015, DryShips Inc. reduced the size of its board of directors from six members to three members. Ms. Chrysoula Kandylidis, Mr. George Xiradakis and Mr. Vassilis Karamitsanis tendered their resignations from the Board effective as of the same date. The Board of the company will consist of Mr. George Economou, Mr. George Demathas and Mr. Harry Kerames.

Mr. Demathas and Mr. Kerames are considered independent under the rules of NASDAQ Stock Market. Mr. Kerames and Mr. Demathas will serve as members of the company's Audit Committee, Nominating Committee and Compensation Committee.