Filing Details

Common Stock, par value $0.01, per share

(Title of Class of Securities)

Y2109Q101 (Common Shares)

(CUSIP Number)

William S. Haft Orrick, Herrington & Sutcliffe LLP 51 West 52nd Street New York, NY 10019-6142 +1-212-506-3740

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

March 24, 2016

(Date of Event Which Requires Filing of this Statement)

(1) Mr. Economou may be deemed to beneficially own 4,722,685 common shares ("Common Shares") of DryShips Inc. (the "Issuer") consisting of: (i) 437,796 Common Shares owned by Elios Investments Inc. ("Elios"), a wholly-owned subsidiary of the Entrepreneurial Spirit Foundation, a Lichtenstein foundation controlled by Mr. Economou, the beneficiaries of which are Mr. Economou and members of his family (the "Foundation"), (ii) 752,000 Common Shares owned by Fabiana Services S.A., a Marshall Islands corporation controlled by Mr. Economou ("Fabiana"), (iii) 2,324,226 Common Shares owned by Sphinx Investment Corp., a Marshall Islands corporation controlled by Mr. Economou ("Sphinx"), and (iv) 10,180 Common Shares owned by Goodwill Shipping Company Limited, a Malta corporation controlled by Mr. Economou ("Goodwill"), (v) 1,198,483 Common Shares owned by the Entrepreneurial Spirit Holdings Inc., a Liberian Corporation ("Entrepreneurial Spirit Holdings") that is wholly-owned by the Foundation.

(2) 100,000,000 (4,000,000 on a post reverse stock split basis) shares of the Issuer's Series B Preferred Stock previously held by Sifnos Shareholders Inc. ("Sifnos") were repurchased and cancelled by the Issuer on March 24, 2016.

(3) 100,000,000 (4,000,000 on a post reverse stock split basis) shares of the Issuer's Series B Preferred Stock previously held by Sifnos were repurchased and cancelled by the Issuer on March 24, 2016.

The purpose of this Amendment No. 18 to the Schedule 13D is to report the change in beneficial ownership by certain Reporting Persons as a result of the: (1) a reverse stock split of the Issuer's Common Shares at a ratio of 25:1 which took effect on March 11, 2016; and (2) the repurchase by the Issuer and subsequent cancellation of 100,000,000 (4,000,000 on a post reverse stock split basis) shares of Series B Preferred Stock previously held by Sifnos, on March 24, 2016.

Item 1. Security and Issuer.

The address of the Issuer's principal executive offices is 109 Kifissias Avenue and Sina Street, Marousi, Athens, Greece.

Other than as described above there are no material changes from the Schedule 13D/A filed with the Commission on February 4, 2016.

Item 2. Identity and Background.

Sifnos' mailing address is c/o Mare Services Limited, 5/1 Merchants Street, Valletta, Malta.

Sifnos has not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or  similar misdemeanors) and has not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding were or are subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect to such laws.

Other than as described above, there are no material changes from the Schedule 13D/A filed with the Commission on January 13, 2016.

Item 3. Source and Amount of Funds or Other Consideration.

The Issuer entered into a secured revolving facility agreement (the "Revolving Facility") with Sifnos on October 21, 2015, subsequently amended on November 11, 2015, pursuant to which the Issuer borrowed up to $60 million principal amount from Sifnos, as lender.  Pursuant to the terms of the Revolving Facility, on December 23, 2015, the Issuer elected to exercise its right to convert $10 million in aggregate principal of the Revolving Facility into 100,000,000 shares of Series B Preferred Stock.   The Issuer effected a reverse stock split of its Common Stock at a ratio of 25:1 on March 11, 2016.  As per the Certificate of Designations governing the Series B Preferred Stock, the number of shares of Series B Preferred Stock was adjusted accordingly on March 11, 2016. On March 24, 2016, pursuant to the terms of the Preferred Stock Exchange Agreement (the "Preferred Stock Exchange Agreement"), the Issuer repurchased from Sifnos and subsequently cancelled the 100,000,000 (4,000,000 on a post reverse stock split basis) shares of Series B Preferred Stock.    As agreed under the Preferred Stock Exchange Agreement, the Issuer and Sifnos entered into the Second Amendment to the Facility Agreement modifying the terms of the Revolving Facility as follows: (i) the maximum amount of Sifnos' commitment under the Revolving Facility has increased to $70 million from $60 million, (ii) the Issuer has the option to extend the maturity of the Revolving Facility by 12 months from October 21, 2018 to October 21, 2019, (iii) Sifnos will no longer have the right to convert a portion of the outstanding loans into either the Issuer's common stock or Ocean Rig UDW Inc.'s common stock beneficially owned by the Issuer and (iv) subject to Sifnos' prior written consent, the Issuer has the right to convert $8,750,000 of the outstanding balance of the loans under the Revolving Facility into 3,500,000 preferred shares of the Issuer, which have a voting power of 5:1 (vis-à-vis the common stock) and will mandatorily convert into common stock on a 1:1 basis within 3 months after such conversion.

Other than as described above, there are no material changes from the Schedule 13D/A filed with the Commission on January 13, 2016.

Item 4. Purpose of Transaction.

This Amendment Number 18 is being filed to report: (1) a reverse stock split of the Issuer's Common Shares at a ratio of 25:1 which took effect on March 11, 2016; and (2) the repurchase by the Issuer and subsequent cancellation of  100,000,000 (4,000,000 on a post reverse stock split basis) shares of Series B Preferred Stock previously held by Sifnos on March 24, 2016. Other than as described above, there are no material changes from the Schedule 13D/A filed with the Commission on January 13, 2016.

Item 5. Interest in Securities of the Issuer.

(a), (b)   Based on the foregoing and unless otherwise disclosed, the Reporting Persons report beneficial ownership of the following Common Shares:

Mr. Economou may be deemed to beneficially own 4,722,685 Common Shares representing approximately 17.6% of the total outstanding Common Shares. Mr. Economou has the sole power to vote or direct the vote of 0 Common Shares and the shared power to vote or direct the vote of 4,722,685 Common Shares. Mr. Economou has the sole power to dispose or direct the disposition of 0 Common Shares and has shared power to dispose or direct the disposition of 4,722,685 Common Shares.

Elios may be deemed to beneficially own 437,796 Common Shares representing 1.6% of the total outstanding Common Shares. Elios has the sole power to vote or direct the vote of 0 Shares and has the shared power to vote or direct the vote of 437,796 Common Shares. Elios has the sole power to dispose or direct the disposition of 0 Common Shares the shared power to dispose or direct the disposition of 437,796 Common Shares.

Fabiana may be deemed to beneficially own 752,000 Common Shares representing 2.8% of the total outstanding Common Shares. Fabiana has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 752,000 Shares. Fabiana has the sole power to dispose or direct the disposition of 0 Common Shares and has shared power to dispose or direct the disposition of 752,000 Common Shares.

Sphinx may be deemed to beneficially own 2,324,226 Common Shares representing 8.6% of the total outstanding Common Shares. Sphinx has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 2,324,226 Shares. Sphinx has the sole power to dispose or direct the disposition of 0 Common Shares and the shared power to dispose or direct the disposition of 2,324,226 Common Shares.

Goodwill may be deemed to beneficially own 10,180 Common Shares representing 0.04% of the total outstanding Common Shares. Goodwill has the sole power to vote or direct the vote of 0 Common Shares and the shared power to vote or direct the vote of 10,180 Common Shares. Goodwill has the sole power to dispose or direct the disposition of 0 Common Shares and the shared power to dispose or direct the disposition of 10,180 Common Shares.

Entrepreneurial Spirit Holdings beneficially owns 1,198,483 Common Shares representing 4.5% of the total outstanding Common Shares. Entrepreneurial Spirit Holdings has the sole power to vote or direct the vote of 0 Common Shares and the shared power to vote or direct the vote of 1,198,483 Common Shares. Entrepreneurial Spirit Holdings has the sole power to dispose or direct the disposition of 0 Common Shares and the shared power to dispose or direct the disposition of 1,198,483 Common Shares.

(c) Other than as described herein, no transactions in the Common Shares were effected by the persons enumerated in Item 2 during the past 60 days.

(d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of, dividends from, or proceeds from the sale of, the Shares reported in this Schedule 13D.

(e) Not Applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Other than as described above there are no material changes from the Schedule 13D/A filed with the Commission on January 13, 2016.

Item 7. Material to be Filed as Exhibits.

SIGNATURE

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: April 4, 2016

____________

EXHIBIT A

The undersigned, being duly authorized thereunto, hereby executes this agreement as an exhibit to this Schedule 13D/A with respect to the shares of common stock of DryShips, Inc. to evidence the agreement of the below-named parties, in accordance with the rules promulgated pursuant to the Securities Exchange Act of 1934, as amended, to file this Schedule 13D/A jointly on behalf of each such party.

Dated: April 4, 2016