Contact Information: Investor Relations/Media: Nicolas Bornozis Capital Link, Inc. (New York) Tel. 212-661-7566 E-mail: dryships@capitallink.com
DryShips Inc. Further Reduces CAPEX
| Source: DryShips Inc.
ATHENS, GREECE--(Marketwire - June 3, 2009) - DryShips Inc. (NASDAQ : DRYS ), a global
provider of marine transportation services for drybulk cargoes and
off-shore contract drilling oil services, announced today that:
The Company has entered into agreements to cancel the previously announced
acquisition of a 180,000 dwt Capesize newbuilding, Hull 2089, currently
under construction in South Korea for a contract price of $114 million.
Under the terms of the various agreements, DryShips will pay a total
cancellation penalty of $42.8 million, including the initial deposit of
20%. This cancellation will further reduce DryShips' 2009 capital
expenditures by $71.2 million.
George Economou, Chairman and CEO commented:
"This cancellation reaffirms the Company's strategy to cut down our CAPEX
requirements. This cancellation is consistent with our continued position
to evaluate all of our funding options which includes potential further
capex reductions, fleet additions, equity issuances and debt placements."
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 in the water comprising 7 Capesize, 29
Panamax, 3 Supramax and 4 newbuilding drybulk vessels with a combined
deadweight tonnage of approximately 3.3 million tons, 2 ultra deep water
semi-submersible drilling rigs and 4 ultra deep water newbuilding
drillships. DryShips Inc.'s common stock is listed on the NASDAQ Global
Select Market where it trades under the symbol "DRYS."
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, dry-docking 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 U.S. Securities and Exchange Commission.