DryShips Inc. Attn.: Mr Ziad Nakhleh 80, Kifissias Av. 151 25 Amaroussion Greece Tanja Lauerer / st International Loans Direct Line +49 421 3609-290 Telefax +49 421 3609-329 tanja.lauerer@schiffsbank.com 19th May 2010

Exhibit 4.23

DryShips Inc. Attn.: Xx Xxxx Xxxxxxx 00, Xxxxxxxxx Xx. 000 00 Xxxxxxxxxxx Xxxxxx				Xxxxx Xxxxxxx / st
				International Loans
				Direct Line		x00 000 0000-000
				Telefax		x00 000 0000-000
				xxxxx.xxxxxxx@xxxxxxxxxxx.xxx
				19th May 2010

1. USD 125 million loan facility between Deutsche Schiffsbank Aktiengesellschaft and Norwal Star Owners and Ionian Traders Inc. dated 13^th   May 2008 as amended (the “Capri / Positano Loan Facility”)

2. USD 35 million loan facility between Deutsche Schiffsbank Aktiengesellschaft and Ioli Owning Company Limited dated 2^nd October 2007 as amended (the “Paros Loan Facility”)

Dear Ziad,

Reference is made to your e-mail dated 7^th May 2010 in connection with the request for a waiver in regard to Article 12.3.19 of the Capri/Positano Loan Facility and Article 12.2.19 of the Paros Loan Facility.

We, Deutsche Schiffsbank Aktiengesellschaft, (respective the syndicate of the above mentioned facilities) hereby confirm our approval to waive the Employment Requirement subject to a successful placement of the prospected USD 1bn high yield bond until 30^th September 2010, which proceeds shall be used to secure the financing of the two Drillships 1837 and 1838. In case the bond can not be issued until the 30^th September 2010 the original Employment Requirement will be triggered again.

The above approval is subject to documentation acceptable to us.

If you have any questions please do not hesitate to contact us.

Best regards,

Deutsche Schiffsbank

Aktiengesellschaft

/s/ Illegible

Deutsche Schiffsbank Aktiengesellschaft
Domshof 17		Head Offices		Chairman of the Supervisory Board
D-28195 Bremen		Bremen and Hamburg		Jochen Klösges
PO. Xxx 00 00 00
X-00000 Xxxxxx		Commercial Register		Board of Managing Directors
Telephone  x00 000 0000-0		Local Court Bremen     HRB 4062		Xxxxxx Welmann (Speaker of the Board)
Telefax   x00 000 0000-000		Xxxxx Xxxxx Xxxxxxx  XXX 00000		Xx. Xxxxxx Xxxxxxxxxx
SWIFT XXXXXX00		VAT Reg. No. DE153094769		Xxxxxx Xxxxxx