Contact Information: Company Contact: E-Mail: management@dryships.com Investor Relations / Media: Nicolas Bornozis Capital Link, Inc., New York Tel. 212-661-7566 E-mail: dryships@capitallink.com
DryShips Inc. Enters Into Agreement to Acquire Two Ultra Deep Water Drillships With Expected Delivery in 2011
| Source: DryShips Inc.
ATHENS, GREECE--(Marketwire - April 24, 2008) - DryShips Inc., (NASDAQ : DRYS ) today
announced that it has exercised its option to acquire two advanced
capability drillships for use in ultra deep water drilling locations. The
drillships are to be constructed by Samsung Heavy Industries Co., Ltd.
(SHI) and are expected to be delivered from the shipyard in the third
quarter of 2011. The expected delivered cost of the newbuilding drillships
is approximately $800 million per unit. The company expects to receive
shortly a firm commitment for the debt portion to finance construction and
other payments.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented: "I am
very excited with our agreement to construct two premium, ultra deep water
drillships, which is in line with our strategy of expanding our presence in
the ultra deep water drilling sector. We hope that our pending mandatory
tender offer for the acquisition of Ocean Rig ASA will be approved by its
shareholders in early June. The successful acquisition of Ocean Rig will
give us the operating platform necessary to construct, complete and operate
these two drillships to the highest standards. Going forward we plan to
expand our asset portfolio with further acquisitions and explore other
strategic alternatives including the possibility of spinning off this
business unit to our shareholders."
Conference Call Announcement:
Today, Thursday, April 24, 2008, at 10:00 a.m. EDT management will host a
conference call to discuss the pending Mandatory tender offer for Ocean Rig
and the agreement to construct the above two drillships.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1(866) 819- 7111 (from the US), 0(800) 953-
0329 (from the UK) or +(44) 1452 542 301 (from outside the US). Please
quote "DryShips." In case of any problem with the above numbers, please
dial 1(866) 223 0615 (from the US), 0(800) 694- 1503 (from the UK) or +(44)
1452 586 -513 (from outside the US). Quote "DryShips."
A replay of the conference call will be available until April 29, 2008. The
United States replay number is 1(866) 247 4222; the international replay
number is (0(800) 953 -1533; from the UK or (+44) 1452- 550 000 and the
access code required for the replay is: 2133051#.
Audio webcast:
There will also be a simultaneous live webcast over the Internet, through
the DryShips Inc. website (www.dryships.com). Participants to the live
webcast should register on the website approximately 10 minutes prior to
the start of the webcast.
About DryShips Inc.
DryShips Inc. is an international provider of drybulk carriers.
Headquartered in Athens, Greece, DryShips currently owns and operates a
fleet of 46 drybulk carriers comprising 4 Capesize, 32 Panamax, 2 Supramax
and 8 newbuilding Panamax vessels, with a combined deadweight tonnage of
over 4 million tons.
DryShips Inc.'s common stock is listed on NASDAQ Global Market where it
trades under the symbol "DRYS."
Visit our website at www.dryships.com.
Forward-Looking Statements
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 historical facts.
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 Dryships Inc. believes 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, Dryships Inc. cannot
assure you that it will achieve or accomplish these expectations, beliefs
or projections.