DryShips Inc. Reports Sale of Two Newbuilding Suezmaxes
ATHENS, GREECE -- (Marketwire) -- 01/14/13 -- DryShips Inc. (NASDAQ:
DRYS), or the Company, an international provider of marine
transportation services for drybulk and petroleum cargoes, and
through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean
Rig, of offshore deepwater drilling services, today announced the
sale, via novation, of two of its tankers under construction at
Samsung Heavy Industries, Esperona and Blanca, to a third-party
Under the terms of the two novation agreements dated December 27,
2012, the buyer assumes all rights, benefits, liabilities and
obligations under both shipbuilding contracts, in exchange for cash
consideration of $21.4 million (that is, $10.7 million for each
vessel) paid by the Company to the Buyer.
As a result of this transaction, Dryships is released from all its
obligations under the shipbuilding contracts, both as the contracting
party and as a guarantor.
George Economou, Chairman and Chief Executive Officer of the Company,
"As we have stated recently, the reduction or elimination of CAPEX
has become a top priority for the Company. With the sale of these
vessels, Dryships has reduced its CAPEX by approx. $101 million,
after taking into consideration the payment of $21.4 million to the
Buyer of the vessels."
About DryShips Inc.
DryShips Inc. is an owner of drybulk carriers
and tankers that operate worldwide. Through its majority owned
subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 10
offshore ultra deepwater drilling units, comprising of 2 ultra
deepwater semisubmersible drilling rigs and 8 ultra deepwater
drillships, 3 of which remain to be delivered to Ocean Rig during
2013 and 1 is scheduled for delivery during 2015. DryShips owns a
fleet of 46 drybulk carriers (including newbuildings), comprising 12
Capesize, 28 Panamax, 2 Supramax and 4 newbuilding Very Large Ore
Carriers (VLOC) with a combined deadweight tonnage of approximately
5.1 million tons, and 10 tankers (including newbuildings), comprising
4 Suezmax and 6 Aframax, with a combined deadweight tonnage of over
1.3 million tons.
DryShips' common stock is listed on the NASDAQ Global Select Market
where it trades under the symbol "DRYS."
Visit the Company's web
site at www.dryships.com
Matters discussed in this release may
constitute forward-looking statements. Forward-looking statements
reflect our current views with respect to future events and financial
performance and may include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, management's examination
of historical operating trends, data contained in our records and
other data available from third parties. Although we believe that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including changes in charterhire and
drilling dayrates and drybulk vessel, drilling rig and drillship
values, failure of a seller to deliver one or more drilling rigs,
drillships or drybulk vessels, failure of a buyer to accept delivery
of a drilling rig, drillship, or vessel, inability to procure
acquisition financing, default by one or more charterers of our
ships, changes in demand for drybulk commodities or oil, changes in
demand that may affect attitudes of time charterers and customer
drilling programs, scheduled and unscheduled drydockings and
upgrades, changes in our operating expenses, including bunker prices,
drydocking and insurance costs, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and
international political conditions, potential disruption of shipping
routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by
DryShips Inc. with the U.S. Securities and Exchange Commission.
Investor Relations / Media:
Capital Link, Inc. (New York)
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