ATHENS, GREECE--(Marketwire - May 12, 2011) - DryShips Inc. (NASDAQ: DRYS), or the Company, a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, today announced its unaudited financial and operating results for the first quarter ended March 31, 2011.
Drilling Segment Employment Update
-- On May 12, 2011, the Company was awarded contracts for the Ocean Rig
Corcovado and the Ocean Rig Mykonos by Petróleo Brasileiro S.A
("Petrobras") for drilling offshore Brazil. The term of each contract
is 1095 days, with a total combined value of $1.1 billion. The contract
for the Ocean Rig Mykonos will commence directly after delivery from
Samsung Heavy Industries in September 2011, while the contract for the
Ocean Rig Corcovado will commence in direct continuation of the current
contract with Cairn Energy offshore Greenland. The documents pursuant
to the award are expected to be executed in the coming weeks.
-- On May 5, 2011, the Company signed a new drilling contract for the Leiv
Eiriksson with Borders & Southern Petroleum plc for performance of
exploration drilling offshore the Falkland Islands. This contract
replaces the previous contract with Borders & Southern plc for the
Eirik Raude. The Leiv Eiriksson will perform the scheduled drilling
program in direct continuation after completion of the drilling
campaign for Cairn Energy offshore Greenland. The contract is for
drilling two wells for a period of about 90 days, including three
further optional wells. The contract value is approximately $80 million.
George Economou, Chairman and Chief Executive Officer of the Company commented:
"We are delighted to have secured two long-term drilling contracts from the biggest player in the ultra deepwater drilling market, which is a testament to Ocean Rig's operational track record and the quality of our assets. Following these contracts we now have three of our drillships on contract to Petrobras. These two contracts are the culmination of our efforts since we entered the drilling segment three years ago. We have now secured contracts for all of our initial newbuilding drillships and doubled our backlog to over $2 billion. Ocean Rig has delivered on all its promises during the last few months by:
-- Solidifying its balance sheet through the $500 million private placement in December 2010. -- Completing the financing of four of its newbuilding drillships through the $800 million Nordea facility, the restructuring of the $1.1 billion Deutsche Bank facility and the placement of $500 million of 9.5% senior unsecured notes. -- Increasing the backlog to over $2 billion.
Ocean Rig has entered into the next phase of its development and is in a unique position to capitalize on the positive ultra deepwater market fundamentals. By exercising two of our four options to build additional 7th generation drillships, Ocean Rig is now the largest pure player in the ultra deepwater sector with the most sophisticated assets available for charter at a time when oil companies are increasing their E&P spending. For DryShips the diversification in the drilling space is paying off at a particularly opportune time given the challenging drybulk and tanker markets. During the next few months we plan to take active steps to monetize DryShips' most prized asset, its shares of Ocean Rig common stock, through a public listing in the U.S.
Turning to the shipping side, we are well prepared to weather the current storm. We have a good backlog on the drybulk fleet with long-term time charters. This backlog enables us not only to comfortably service our debt but also allows opportunistic acquisitions. On the tanker side we continue to take delivery of our state of the art tankers and secure the appropriate level of debt along the way. While the bulk shipping markets remain challenging we are encouraged by the high scrapping activity, the slippage in delivery and the strong demand fundamentals of drybulk commodities and oil markets."
Selected Recent Developments
-- On April 29, 2011, the Company took delivery of its newbuilding Aframax tanker, Daytona. -- On April 27, 2011, the Company exercised the second of its four 7th generation newbuilding drillship options and entered into a shipbuilding contract for a total yard cost of $608.0 million. The Company paid $207.4 million to the shipyard in connection with the exercise of the option. Delivery of this hull is scheduled for October 2013. -- On April 27, 2011, the Company completed the issuance of $500 million aggregate principal amount of 9.5% senior unsecured notes due 2016 offered in a private placement. The net proceeds from the notes offering amounted to approximately $487.5 million. -- On April 27, 2011, the Company entered into an agreement with all lenders under the two $562.5 million Loan Agreements to restructure the agreements. The principal terms of the restructuring are as follows: (i) the maximum amount permitted to be drawn is reduced from $562.5 million to $495.0 million under each facility; (ii) in addition to the guarantee already provided by DryShips, Ocean Rig UDW provided an unlimited recourse guarantee that will include certain financial covenants that will apply quarterly to Ocean Rig UDW; (iii) the Company is permitted to draw under the facility with respect to the Ocean Rig Poseidon based upon the employment of the drillship under its drilling contract with Petrobras Tanzania, and on April 27, 2010, the cash collateral deposited for this vessel was released; and (iv) the Company is permitted to draw under the facility with respect to the Ocean Rig Mykonos provided the Company has obtained suitable employment for such drillship no later than August 2011. -- On April 20, 2011 the Company entered into a $32.3 million secured term loan facility with an international lender to partially finance the construction cost of the newbuilding tanker Daytona. -- On April 18, 2011, the Company entered into an $800 million Syndicated Secured Term Loan Facility to partially finance the construction costs of the Ocean Rig Corcovado and the Ocean Rig Olympia. This facility has a five year term and is repayable in 20 quarterly installments plus a balloon payment payable with the last installment. The facility bears interest at LIBOR plus a margin. The facility is guaranteed by DryShips and Ocean Rig UDW and imposes certain financial covenants on both entities. On April 20, 2011, the Company drew down the full amount of this facility and prepaid its $325 million Bridge Loan Facility. -- On April 18, 2011, the Company exercised the first of its four 7th generation newbuilding drillship options and entered into a shipbuilding contract for a total yard cost of $608 million. The Company paid $207.6 million to the shipyard in connection with the exercise of the option. Delivery of this hull is scheduled for July 2013. -- On April 12, 2011 the Company concluded an order for two 176,000 dwt Capesize dry bulk vessels for an aggregate contract price of $108.4 million, with an established Chinese shipyard. The vessels are expected to be delivered in the third and the fourth quarter of 2012, respectively. -- On March 30, 2011, the Company took delivery of its second newbuilding drillship Ocean Rig Olympia. -- On March 23, 2011, the Company took delivery of its newbuilding Suezmax tanker, Vilamoura. -- On March 16, 2011, the Company's vessel, Oliva, was reported to have run aground in a group of islands in the South Atlantic Ocean. The vessel was declared a total actual loss. As of the date of this press release, we have collected substantially all of the insurance proceeds.
First quarter 2011 Financial Highlights
-- For the first quarter of 2011, the Company reported net income of $25.8 million, or $0.07 basic and diluted earnings per share. Included in the first quarter 2011 results are various items, totaling $30.3 million, or $0.08 per share which are described below. Excluding these items, net income would have amounted to $56.1 million or $0.15 basic and diluted earnings per share.
Included in the first quarter 2011 results are:
-- Incremental costs associated with class survey of Leiv Eiriksson
in the first quarter 2011 of $8.9 million, or $0.02 per share.
Next survey is scheduled for 2016.
-- Losses incurred on our interest rate swaps, amounting to $3.9
million, or $0.01 per share.
-- Non-cash amortization of debt issuance costs, including those
relating to our convertible senior notes, totaling $17.5 million,
or $0.05 per share.
-- Basic earnings per share for the first quarter of 2011 includes a
reduction to net income amounting to $2.5 million relating to the
cumulative payment-in-kind dividends on the Series A Convertible
Preferred Stock, which reduces the income available to common
shareholders.
-- The Company reported adjusted EBITDA of $107.1 million for the first
quarter of 2011.(1)
Financial Review: 2011 First quarter
The Company recorded net income of $25.8 million, or $0.07 basic diluted earnings per share, for the three-month period ended March 31, 2011, as compared to a net income of $13.3 million, or $0.04 basic and diluted earnings per share, for the three-month period ended March 31, 2010. Adjusted EBITDA, which is defined and reconciled to net income later in this press release, was $107.1 million for the first quarter of 2011 as compared to $116.5 million for the same period in 2010.
Included in the first quarter 2011 results are various items totaling $30.3 million, or $0.08 per share, which are described at the beginning of this press release. Excluding these items, our adjusted net income would have amounted to $56.1 million, or $0.15 per share.
Basic earnings per share for the first quarter of 2011 includes a reduction to net income amounting to $2.5 million relating to the cumulative payment-in-kind dividends on the Series A Convertible Preferred Stock, which reduces the income available to common shareholders.
For the drybulk and tanker carrier segment, net voyage revenues (voyage revenues minus voyage expenses) decreased by $15.3 million to $91.6 million for the three-month period ended March 31, 2011, as compared to $106.9 million for the three-month period ended March 31, 2010. For the offshore drilling segment, revenues from drilling contracts increased by $29.0 million to $109.3 million for the three-month period ended March 31, 2011 as compared to $80.3 million for the same period in 2010.
Total vessel and rig operating expenses increased by $14.5 million to $62.9 million for the three-month period ended March 31, 2011, as compared to $48.4 million for the three-month period ended March 31, 2010, while total depreciation and amortization increased by $8.7 million to $55.9 million for the three-month period ended March 31, 2011 as compared to $47.2 million for the three-month period ended March 31, 2010. Total general and administrative expenses decreased to $25.7 million in the first quarter of 2011 from $27.2 million during the comparative period in 2010.
(1) Please see later in this release for a reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure calculated in accordance with United States generally accepted accounting principles, or U.S. GAAP.
Fleet List
The table below describes our drybulk and tanker fleet profile as of May 12, 2011
Year Gross rate Redelivery
Built DWT Type Per day Earliest Latest
Dry fleet
Capesize:
Alameda 2001 170,662 Capesize $ 27,500 Nov-15 Jan-16
Brisbane 1995 151,066 Capesize $ 25,000 Dec-11 Apr-12
Capri 2001 172,579 Capesize Spot
Flecha 2004 170,012 Capesize $ 55,000 Jul-18 Nov-18
Manasota 2004 171,061 Capesize $ 67,000 Feb-13 Apr-13
Mystic 2008 170,040 Capesize $ 52,310 Aug-18 Dec-18
Samsara 1996 150,393 Capesize Spot
Panamax:
Amalfi 2009 75,000 Panamax $ 39,750 Aug-13 Oct-13
Avoca 2004 76,629 Panamax $ 45,500 Sep-13 Dec-13
Bargara 2002 74,832 Panamax $ 43,750 May-12 Jul-12
Capitola 2001 74,816 Panamax Spot
Catalina 2005 74,432 Panamax $ 40,000 Jun-13 Aug-13
Conquistador 2000 75,607 Panamax $ 17,750 Aug-11 Nov-11
Coronado 2000 75,706 Panamax $ 18,250 Sep-11 Nov-11
Ecola 2001 73,925 Panamax $ 43,500 Jun-12 Aug-12
La Jolla 1997 72,126 Panamax $ 14,750 Aug-11 Nov-11
Levanto 2001 73,931 Panamax $ 16,800 Sep-11 Nov-11
Ligari 2004 75,583 Panamax $ 55,500 Jun-12 Aug-12
Maganari 2001 75,941 Panamax $ 14,500 Jul-11 Sep-11
Majorca 2005 74,747 Panamax $ 43,750 Jun-12 Aug-12
Marbella 2000 72,561 Panamax $ 14,750 Aug-11 Nov-11
Mendocino 2002 76,623 Panamax $ 56,500 Jun-12 Sep-12
Ocean Crystal 1999 73,688 Panamax $ 15,000 Aug-11 Nov-11
Oregon 2002 74,204 Panamax $ 16,350 Aug-11 Oct-11
Padre 2004 73,601 Panamax $ 46,500 Sep-12 Dec-12
Positano 2000 73,288 Panamax $ 42,500 Sep-13 Dec-13
Rapallo 2009 75,123 Panamax $ 15,400 Aug-11 Oct-11
Redondo 2000 74,716 Panamax $ 34,500 Apr-13 Jun-13
Saldanha 2004 75,707 Panamax $ 52,500 Jun-12 Sep-12
Samatan 2001 74,823 Panamax Spot
Sonoma 2001 74,786 Panamax $ 19,300 Sept-11 Nov-11
Sorrento 2004 76,633 Panamax $ 17,300 Sep-11 Dec-11
Toro 1995 73,035 Panamax $ 16,750 May-11 Jul-11
Supramax:
Galveston 2002 51,201 Supramax Spot
Paros I 2003 51,201 Supramax $ 27,135 Oct-11 May-12
Year Gross rate
Built DWT Type Per day
Newbuildings
Panamax 1 2011 76,000 Panamax
Panamax 2 2012 76,000 Panamax
Capesize 1 2012 176,000 Capesize
Capesize 2 2012 176,000 Capesize
Tanker fleet
Saga 2011 115,200 Aframax Spot
Vilamoura 2011 158,300 Suezmax Spot
Daytona 2011 115,200 Aframax Spot
Newbuildings
Alicante 2012 115,200 Aframax
Belmar 2011 115,200 Aframax
Calida 2011 115,200 Aframax
Mareta 2012 115,200 Aframax
Blanca 2013 158,300 Suezmax
Bordeira 2013 158,300 Suezmax
Esperona 2013 158,300 Suezmax
Lipari 2012 158,300 Suezmax
Petalidi 2012 158,300 Suezmax
Drilling Units
Year Built or
Scheduled
Delivery / Backlog
Generation Contract Term ($ million)
------------- ----------------- ----------
Existing Drilling Rigs
Leiv 2001 / 5th Q2 2011 - Q4 2011 $ 100
Eiriksson Q4 2011 - Q2 2012 $ 80
Eirik 2002 / 5th Q4 2008 - Q4 2011 $ 127
Raude
Existing Drillships
Ocean Rig Corcovado 2011 / 6th Q1 2011 - Q4 2011 $ 107
Q4 2011 - Q4 2014 $ 534
Ocean Rig Olympia 2011 / 6th Q2 2011 - Q2 2012 $ 160
Newbuilding Drillships
Ocean Rig Poseidon Q3 2011 / 6th Q3 2011 - Q2 2013 $ 378
Ocean Rig Mykonos Q3 2011 / 6th Q4 2011 - Q4 2014 $ 528
OCR Drillship TBN #1 Q3 2013 / 7th
OCR Drillship TBN #2 Q3 2013 / 7th
Total $2,014
Drybulk Carrier Segment Summary Operating Data (unaudited)
(Dollars in thousands, except average daily results)
Three Months Ended
March 31,
--------------------
2010 2011
--------- ---------
Average number of vessels(1) 37.6 36.8
Total voyage days for vessels(2) 3,314 3,268
Total calendar days for vessels(3) 3,384 3,314
Fleet utilization(4) 98% 98.6%
Time charter equivalent(5) 32,250 27,700
Vessel operating expenses (daily)(6) 5,691 5,794
(1) Average number of vessels is the number of vessels that constituted
our fleet for the relevant period, as measured by the sum of the
number of days each vessel was a part of our fleet during the period
divided by the number of calendar days in that period.
(2) Total voyage days for fleet are the total days the vessels were in our
possession for the relevant period net of off hire days.
(3) Calendar days are the total number of days the vessels were in our
possession for the relevant period including off hire days.
(4) Fleet utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by
dividing voyage days by fleet calendar days for the relevant period.
(5) Time charter equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is
determined by dividing voyage revenues (net of voyage expenses) by
voyage days for the relevant time period. Voyage expenses primarily
consist of port, canal and fuel costs that are unique to a particular
voyage, which would otherwise be paid by the charterer under a time
charter contract, as well as commissions. TCE is a standard shipping
industry performance measure used primarily to compare period-to-period
changes in a shipping company's performance despite changes in the
mix of charter types (i.e., spot charters, time charters and bareboat
charters) under which the vessels may be employed between the periods.
Three Months Ended
March 31,
--------------------
2010 2011
--------- ---------
Voyage revenues 113,903 96,988
Voyage expenses (7,026) (6,465)
--------- ---------
Time charter equivalent revenues 106,877 90,523
--------- ---------
Total voyage days for fleet 3,314 3,268
Time charter equivalent TCE 32,250 27,700
(6) Daily vessel operating expenses, which includes crew costs,
provisions, deck and engine stores, lubricating oil, insurance,
maintenance and repairs is calculated by dividing vessel operating
expenses by fleet calendar days for the relevant time period.
Dryships Inc.
Financial Statements
Unaudited Condensed Consolidated Statements of Operations
(Expressed in Thousands of
U.S. Dollars - except Three Months Ended
for share and per share data) March 31,
------------------------
2010 2011
----------- -----------
(As restated)
REVENUES:
Voyage revenues $ 113,903 $ 98,087
Revenues from drilling contracts 80,256 109,326
----------- -----------
194,159 207,413
EXPENSES:
Voyage expenses 7,026 6,516
Vessel operating expenses 19,259 21,085
Drilling rigs operating expenses 29,100 41,850
Depreciation and amortization 47,158 55,916
Loss/ (gain) on sale of vessels (10,684) -
General and administrative expenses 27,187 25,677
----------- -----------
Operating income 75,113 56,369
OTHER INCOME / (EXPENSES):
Interest and finance costs, net of interest
income (16,895) (15,606)
Gain/(loss) on interest rate swaps (34,638) (3,854)
Other, net (5,728) 1,057
Income taxes (4,577) (5,961)
----------- -----------
Total other income/(expenses), net (61,838) (24,364)
----------- -----------
Net income/(loss) 13,275 32,005
Net income attributable to non-controlling
interests - (6,240)
----------- -----------
Net income/(loss) attributable to Dryships Inc. $ 13,275 $ 25,765
=========== ===========
Earnings/(loss) per common share, basic and
diluted $ 0.04 $ 0.07
Weighted average number of shares, basic and
diluted 254,823,623 337,143,598
Dryships Inc.
Unaudited Condensed Consolidated Balance Sheets
December 31, March 31,
(Expressed in Thousands of U.S. Dollars) 2010 2011
----------- -----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 391,530 $ 129,463
Restricted cash 578,311 304,564
Trade accounts receivable, net 25,204 57,386
Other current assets 70,065 160,514
----------- -----------
Total current assets 1,065,110 651,927
----------- -----------
FIXED ASSETS, NET:
Advances for vessels and rigs under construction
and acquisitions 2,072,699 977,075
Vessels, net 1,917,966 1,962,882
Drilling rigs, machinery and equipment, net 1,249,333 2,996,623
----------- -----------
Total fixed assets, net 5,239,998 5,936,580
----------- -----------
OTHER NON CURRENT ASSETS:
Restricted cash 195,517 205,000
Other non-current assets 483,869 197,888
----------- -----------
Total non current assets 679,386 402,888
----------- -----------
Total assets 6,984,494 6,991,395
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt 731,232 651,428
Other current liabilities 204,203 255,635
----------- -----------
Total current liabilities 935,435 907,063
----------- -----------
NON CURRENT LIABILITIES
Long-term debt, net of current portion 1,988,460 1,992,370
Other non-current liabilities 161,070 146,756
----------- -----------
Total non current liabilities 2,149,530 2,139,126
----------- -----------
COMMITMENTS AND CONTINGENCIES - -
STOCKHOLDERS' EQUITY:
Total Dryhsips Inc. stockholders' equity 3,363,253 3,401,945
Non controlling interests 536,276 543,261
----------- -----------
Total equity 3,899,529 3,945,206
----------- -----------
Total liabilities and stockholders' equity $ 6,984,494 $ 6,991,395
=========== ===========
Ocean Rig UDW Inc.
Financial Statements
Unaudited Condensed Consolidated Statements of Operations
(Expressed in Thousands of U.S.
Dollars - except for share and Three Months Ended
per share data) March 31,
------------------------
2010 2011
----------- -----------
(As restated)
REVENUES:
Revenues from drilling contracts $ 80,256 $ 109,326
----------- -----------
EXPENSES:
Drilling rigs operating expenses 29,100 41,850
Depreciation and amortization 18,468 28,197
General and administrative expenses 5,517 6,099
----------- -----------
Operating income 27,171 33,180
OTHER INCOME / (EXPENSES):
Interest income 1,658 5,653
Interest and finance costs (2,889) (2,624)
Gain/(loss) on interest rate swaps (9,509) (1,517)
Other, net (683) 137
Income taxes (4,577) (5,961)
----------- -----------
Total other income/(expenses), net (16,000) (4,312)
----------- -----------
Net income/(loss) $ 11,171 $ 28,868
=========== ===========
Earnings/(loss) per common share, basic and
diluted $ 0.11 $ 0.22
Weighted average number of shares, basic and
diluted 103,125,500 131,696,928
Ocean Rig UDW Inc.
Unaudited Condensed Consolidated Balance Sheets
December 31, March 31,
(Expressed in Thousands of U.S. Dollars) 2010 2011
----------- -----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 95,707 $ 30,007
Restricted cash 512,793 239,999
Trade accounts receivable, net 24,286 50,097
Other current assets 39,220 66,371
----------- -----------
Total current assets 672,006 386,474
----------- -----------
FIXED ASSETS, NET:
Advances for assets under construction and
acquisitions 1,888,490 832,377
Drilling rigs, machinery and equipment, net 1,249,333 2,968,198
----------- -----------
Total fixed assets, net 3,137,823 3,800,575
----------- -----------
OTHER NON CURRENT ASSETS:
Other non-current assets 533,869 247,688
----------- -----------
Total non current assets 533,869 247,688
----------- -----------
Total assets 4,343,698 4,434,737
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt 560,561 486,727
Other current liabilities 107,357 290,959
----------- -----------
Total current liabilities 667,918 777,686
----------- -----------
NON CURRENT LIABILITIES
Long-term debt, net of current portion 696,986 651,424
Other non-current liabilities 97,712 95,025
----------- -----------
Total non current liabilities 794,698 746,449
----------- -----------
COMMITMENTS AND CONTINGENCIES - -
STOCKHOLDERS' EQUITY:
Total stockholders' equity 2,881,082 2,910,602
----------- -----------
Total equity 2,881,082 2,910,602
----------- -----------
Total liabilities and stockholders' equity $ 4,343,698 $ 4,434,737
=========== ===========
Adjusted EBITDA Reconciliation
Adjusted EBITDA represents net income before interest, taxes, depreciation and amortization and gains or losses on interest rate swaps. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by U.S. GAAP, and our calculation of adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is included herein because it is a basis upon which the Company measures its operations and efficiency. Adjusted EBITDA is also used by our lenders as a measure of our compliance with certain covenants contained in our loan agreements and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness.
The following table reconciles net income to Adjusted EBITDA:
Dryships Inc.
Three Three
Months Months
Ended Ended
March 31, March 31,
2010 2011
(Expressed in Thousands of U.S. Dollars)
(As restated)
Net income/(loss) attributable to Dryships Inc. 13,275 25,765
Add: Net interest expense 16,895 15,606
Add: Depreciation and amortization 47,158 55,916
Add: Income taxes 4,577 5,961
Add: Loss/ (gain) on interest rate swaps 34,638 3,854
---------- ----------
Adjusted EBITDA 116,543 107,102
========== ==========
Ocean Rig UDW Inc.
Three Three
Months Months
Ended Ended
March 31, March 31,
2010 2011
(Expressed in Thousands of U.S. Dollars)
(As restated)
Net income/(loss) 11,171 28,868
Add: Net interest expense 1,231 (3,029)
Add: Depreciation and amortization 18,468 28,197
Add: Income taxes 4,577 5,961
Add: Loss/ (gain) on interest rate swaps 9,509 1,517
---------- ---------
Adjusted EBITDA 44,956 61,514
========== =========
Conference Call and Webcast: May 13, 2011
As announced, the Company's management team will host a conference call on Friday, May 13, 2011, at 8:00 a.m. EDT to discuss the Company's financial results.
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) (0) 1452 542 301 (from outside the US). Please quote "DryShips."
A replay of the conference call will be available until May 15, 2011. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 2133051#.
Slides and 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., based in Greece, is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW, Inc., DryShips owns and operates 8 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 6 ultra deepwater drillships, 4 of which remain be delivered to the company during 2011 and 2013. As of the day of this release, DryShips owns a fleet of 39 drybulk carriers (including newbuildings), comprising 9 Capesize, 28 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.4 million tons, and 12 tankers (including newbuildings), comprising 6 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.6 million tons.
DryShips Inc.'s common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "DRYS."
Visit the Company's website at www.dryships.com
Forward-Looking Statement
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 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 carrier, tanker vessel, drilling rig and drillship values, failure of a seller to deliver one or more drilling units or drybulk carrier or tanker vessels, failure of a buyer to accept delivery of a drilling unit or vessel, inability to procure acquisition financing, default by one or more charterers of our ships, changes in demand for drybulk commodities or oil or petroleum products, 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, dry-docking 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 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