DryShips Inc. Announces Agreement to Acquire Two Vessels
May 29 2018 - 8:45AM
DryShips Inc. (NASDAQ:DRYS) (“DryShips” or the “Company”), a
diversified owner and operator of ocean going cargo vessels, today
announced that it has agreed to acquire one 2013-built Newcastlemax
drybulk carrier and one 2017-built Suezmax tanker, each constructed
in China.
The vessels will be acquired from entities that
may be deemed to be affiliates of Mr. George Economou, the
Company’s Chairman and Chief Executive Officer, for an aggregate
purchase price of $93.8 million, including the associated bank debt
of $50.3 million. The transaction remains subject to documentation
and customary closing conditions, and is expected to close in June
2018.
The purchase price was determined based on the
average fair market value of each vessel as determined by
independent third party broker valuations and the transaction was
approved by the independent directors of the Company’s board of
directors.
About DryShips Inc.
The Company is a diversified owner and operator of ocean going
cargo vessels that operate worldwide. As of May 29, 2018, the
Company operates a fleet of 34 vessels comprising of (i) 11 Panamax
drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (iii) 5
Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2
Aframax tankers; (vi) 1 Suezmax tanker; (vii) 4 Very Large Gas
Carriers; and (viii) 6 Offshore Support Vessels, including 2
Platform Supply and 4 Oil Spill Recovery Vessels.
DryShips’ common stock is listed on the NASDAQ Capital Market
where it trades under the symbol “DRYS.”
Visit the Company’s website at www.dryships.com
Forward-Looking Statement
Matters discussed in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business. The Company
desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including
this cautionary statement in connection with such safe harbor
legislation.
Forward-looking statements reflect the Company’s 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 historical
facts.
The forward-looking statements in this press 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 the
Company’s records and other data available from third parties.
Although the Company believes that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies that are
difficult or impossible to predict and are beyond the Company’s
control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in the Company’s view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the factors related to spin-off
of the Company’s gas business, the strength of world economies and
currencies, general market conditions, including changes in charter
rates, utilization of vessels and vessel values, failure of a
seller or shipyard to deliver one or more vessels, failure of a
buyer to accept delivery of a vessel, the Company’s inability to
procure acquisition financing, default by one or more charterers of
the Company’s ships, changes in demand for drybulk, oil or natural
gas commodities, changes in demand that may affect attitudes of
time charterers, scheduled and unscheduled drydockings, changes in
the Company’s voyage and operating expenses, including bunker
prices, dry-docking and insurance costs, changes in governmental
rules and regulations, changes in the Company’s relationships with
the lenders under its debt agreements, potential liability from
pending or future litigation, domestic and international political
conditions, potential disruption of shipping routes due to
accidents, international hostilities and political events or acts
by terrorists.
Risks and uncertainties are further described in reports filed
by DryShips Inc. with the Securities and Exchange Commission,
including the Company’s most recently filed Annual Report on Form
20-F.
Investor Relations / Media:
Nicolas BornozisCapital Link, Inc. (New
York)Tel. 212-661-7566E-mail: dryships@capitallink.com
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