DryShips Announces Update on Sale and Purchase Activities
ATHENS, GREECE--(Marketwire - March 3, 2009) - DryShips Inc. (NASDAQ: DRYS) (the "Company"
or "DryShips"), a global provider of marine transportation services for
drybulk cargoes and off-shore contract drilling oil services, announced
today the following updates with regards to the recent sales and purchase
transactions:
M/V Paragon
DryShips previously entered into an agreement to sell the M/V Paragon, a
1995 built 71,259 dwt Panamax drybulk carrier, for a sale price of
approximately $61 million and has reached an agreement with the buyers
whereby the price will be reduced to $30.80 million. Delivery of the vessel
took place earlier today and DryShips expects to recognize a gain of
approximately $2.4 million which will be recognized in the first quarter of
2009.
M/V La Jolla
DryShips previously entered into an agreement to sell the M/V La Jolla, a
1997 built Panamax drybulk carrier, for a sale price of $66 million and has
agreed to settle its dispute with the buyers in connection with buyers'
failure to take delivery under the relevant Memorandum of Agreement. Under
the settlement agreement, DryShips has agreed to retain the vessel and has
received aggregate compensation in the amount of $9 million in respect of
the cancellation.
M/V Toro
DryShips previously entered into an agreement with Samsun Logix
Corporation, or Samsun, the buyers of the M/V Toro, a 1995 built 73,034 dwt
Panamax drybulk carrier, to sell the vessel at a reduced price of $36
million. The buyers were obligated to remit an additional deposit of $1.5
million. The Company received notice from Samsun that it filed for
receivership. Following Samsun's failure to pay the additional deposit,
DryShips has commenced arbitration proceedings against Samsun claiming
compensation for the difference between the current market price and the
original contract price of $63.4 million pursuant to the terms of the
agreement with Samsun.
About DryShips Inc.
DryShips Inc., based in Greece, is an owner and operator of drybulk
carriers that operate worldwide. As of the day of this release, DryShips
owns a fleet of 42 drybulk carriers comprising 7 Capesize, 28 Panamax, 2
Supramax and 5 newbuilding drybulk vessels with a combined deadweight
tonnage of about 3.4 million tons, 2 ultra deep water semisubmersible
drilling rigs and 2 ultra deep water newbuilding drillships. DryShips
Inc.'s common stock is listed on the NASDAQ Global Market where 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. 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 rates and vessel values, changes in demand that may
affect attitudes of time charterers to scheduled and unscheduled
drydocking, changes in DryShips Inc.'s operating expenses, including bunker
prices, drydocking and insurance costs, 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 US Securities and Exchange Commission.
Contact Information: Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: dryships@capitallink.com