d964806_6-k.htm



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2009

Commission File Number 001-33922

DRYSHIPS INC.

80 Kifissias Avenue
Amaroussion 15125, Athens Greece
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
 
 

 
 
 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

DryShips Inc. (the “Company”) announced on February 6, 2009 that it had reached an agreement to sell the M/V Toro at a reduced sale price.  The purchaser of the M/V Toro pursuant to this agreement, Samsun Logix Corporation (“Samsun”), agreed to release its deposit of $6.3 million to the Company immediately and make a new deposit of $1.5 million. It has been reported in the press that Samsun has filed for receivership, and the Company has received notice of this receivership action. In addition, while Samsun released the initial deposit of $6.3 million to the Company, it failed to make an additional deposit as required by the agreement to purchase the M/V Toro.  As a result, Samsun is in breach of this agreement. Samsun has not stated whether it intends to fulfill its agreement to purchase the M/V Toro, and the Company intends to explore its legal options with respect to Samsun’s breach.

This Report on Form 6-K and the exhibit hereto are hereby incorporated by reference into the Company’s Registration Statement on Form F-3 ASR (Registration No. 333-146540) filed on October 5, 2007, as amended by Post-Effective Amendment No. 1 filed on October 20, 2008.

 
 
 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
DryShips Inc.                        
 
(Registrant)
   
Dated:  February 11, 2009
By:  /s/George Economou    
   
George Economou
   
Chief Executive Officer