Contact Information: Investor Relations / Media: Nicolas Bornozis Capital Link, Inc. (New York) Tel. 212-661-7566 E-mail: dryships@capitallink.com
DryShips Announces Sale of M/V Toro
| Source: DryShips Inc.
ATHENS, GREECE--(Marketwire - February 6, 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 agreement to sell the M/V Toro at a reduced sale price.
On July 17, 2008, DryShips entered into an agreement to sell the M/V Toro,
a 1995 built 73,034 dwt Panamax drybulk carrier, for a price of
approximately $63.4 million. DryShips announced today that it has reached
an agreement with the Buyers whereby the price will be reduced to $36.0
million. The M/V Toro is currently employed in the spot market. DryShips
expects to recognize a gain of approximately $10 million which will be
recognized in the first or second quarter of 2009. As part of the agreement
the Buyers will release the deposit of $6.3 million to DryShips immediately
and will make a new deposit of $1.5 million. If the Buyers fail to remit
the remainder of the new purchase price, DryShips will retain the vessel
and will be entitled to claim compensation for the difference between the
current market price and the original contract price of $63.4 million. The
vessel is expected to be delivered to the Buyers by April 2009.
George Economou, Chairman and Chief Executive Officer, commented:
"We are very pleased to reach an amicable solution with the Buyers of the
M/V Toro that secures the sale of a
14-year-old vessel that is trading in the spot market. The price achieved
of $36 million compares favourably to the latest Baltic Sale & Purchase
Assessment of January 26, 2009 of $28.1 million for a charter free
5-year-old vessel."
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 43 drybulk carriers comprising 7 Capesize, 29 Panamax, 2
Supramax and 5 newbuilding drybulk vessels with a combined deadweight
tonnage of over 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.