ATHENS, GREECE--(Marketwire - Nov 7, 2011) - DryShips Inc. (
Third Quarter 2011 Financial Highlights
- For the third quarter of 2011, the Company reported net income of $25.0 million, or $0.07 basic and diluted earnings per share. Included in the third quarter 2011 results are losses incurred on our interest rate swaps totaling $31.5 million, or $0.09 per share. Excluding these items, the Company's net results would have amounted to net income of $56.5 million or $0.16 per share.
- Basic earnings per share for the third quarter of 2011 includes a reduction to net income amounting to $1.2 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 $172.2 million for the third quarter of 2011 as compared to $168.1 million for the third quarter of 2010.
Recent Events
- On November 3, 2011 the merger with OceanFreight closed and under the terms of the merger agreement the OceanFreight shareholders were paid $11.25 per share in cash and also received 0.52326 shares of Ocean Rig for every share they owned of OceanFreight.
- On October 26, 2011, the Company entered into a $141 million syndicated secured term loan facility to partially finance the construction costs related to the tankers Belmar, Calida, Lipari and Petalidi.
- On October 17, 2011 and following the delivery of the Ocean Rig Mykonos, the final 25% of the shares of Series A Convertible Preferred Stock held by each holder, were converted. As such, today the share count for EPS purposes is 388,661,944.
- On October 12, 2011 the Company entered into drilling contracts for three additional wells offshore West Africa, with two independent oil operators based in the UK and the USA respectively, for the semi-submersible rig Eirik Raude. The total revenue backlog, excluding mobilization cost, to complete the three wells program is estimated at $96 million for a period of approximately 175 days. The new contracts commenced in direct continuation after the completion of the existing Tullow contract around mid-October.
- On October 6, 2011 Ocean Rig commenced trading on the Nasdaq Global Select Market under the ticker symbol "ORIG."
- The charterer of the Ocean Rig Olympia, Vanco-Lukoil, did not exercise its option to extend the term of the original contract in West Africa at the operating day rate of $415,000. This contract is currently scheduled to expire in April 2012.
- On September 30, 2011 Ocean Rig took delivery of its newbuilding drillship, the Ocean Rig Mykonos, the last of four sixth generation, ultra-deepwater sister drillships constructed by Samsung. In connection with the delivery of the Ocean Rig Mykonos, the final yard installment of $305.7 million was paid, which was financed with additional drawdowns in September 2011 under the Company's Deutsche Bank credit facility.
- At the current time, the Company's rig availability in 2012 consists of 1 ultra deepwater drillship unit, the Ocean Rig Olympia and the 2 harsh weather ultra deepwater semisubmersible drilling rigs, the Eirik Raude and Leiv Eiriksson.
George Economou, Chairman and Chief Executive Officer of the Company, commented:
"The third quarter of 2011 was a significant period for our offshore drilling unit because it marked the successful completion of our drillship newbuilding program. Since we acquired Ocean Rig we successfully arranged financing, took delivery and entered into contracts with major oil companies for our four 6th generation ultra deepwater drillships. The outlook for the ultra deepwater drilling industry is bright, and we feel this segment is well positioned to capitalize on positive industry fundamentals.
"The shipping markets remain volatile. We are well positioned to weather the storm with 54% of our 2012 operating days in the Drybulk segment under fixed rate charters at an average rate of about $35,000 per day. On the tanker side, our vessels are operating in the Heidmar pools which we believe have consistently outperformed spot markets particularly in adverse market conditions. Despite the turmoil in the global capital markets and general lack of liquidity, our free cash cash position today of approximately $0.4 billion remains solid. We were able to source competitively-priced bank loans like our recently executed secured term loan facility with the Import-Export Bank of Korea and ABN AMRO. We will continue to leverage our banking relationships as we arrange financing for our remaining newbuilding program.
"OceanRig is DryShips biggest asset today. Management will take appropriate actions over time to realize the value of its stake in OceanRig for the benefit of all shareholders."
Financial Review: 2011 Third Quarter
The Company recorded net income of $25.0 million, or $0.07 basic and diluted earnings per share, for the three-month period ended September 30, 2011, as compared to net income of $57.7 million, or $0.21 basic and diluted earnings per share, for the three-month period ended September 30, 2010. Adjusted EBITDA, which is defined and reconciled later in this press release, was $172.2 million for the third quarter of 2011 as compared to $168.1 million for the same period in 2010.
Included in the third quarter 2011 results are losses incurred on our interest rate swaps totaling $31.5 million, or $0.09 per share. Excluding these items, our adjusted, net income amounts to $56.5 million, or $0.16 per share.
Basic earnings per share, for the third quarter of 2011 includes a non-cash accrual for the cumulative payment-in-kind dividends on the Series A Convertible Preferred Stock, amounting to $1.2 million, which reduces the income available to common shareholders.
For the drybulk carrier segment, net voyage revenues (voyage revenues minus voyage expenses) amounted to $85.5 million for the three-month period ended September 30, 2011, as compared to $108.1 million for the three-month period ended September 30, 2010. For the offshore drilling segment, revenues from drilling contracts increased by $115.6 million to $226.0 million for the three-month period ended September 30, 2011 as compared to $110.4 million for the same period in 2010. For the tanker segment, net voyage revenues amounted to $3.3 million for the three-month period ended September 30, 2011.
Total vessel and rig operating expenses and total depreciation and amortization increased to $105.7 million and $71.0 million, respectively, for the three-month period ended September 30, 2011 from $43.5 million and $48.5 million, respectively, for the three-month period ended September 30, 2010. Total general and administrative expenses increased to $24.5 million in the third quarter of 2011 from $18.0 million during the comparative period in 2010.
Interest and finance costs, net of interest income, amounted to $37.0 million for the three-month period ended September 30, 2011, compared to $10.0 million for the three-month period ended September 30, 2010.
Fleet List
The table below describes our fleet profile as of November 7, 2011:
| Year | Gross rate | Redelivery | |||||||||
| Built | DWT | Type | Per day | Earliest | Latest | ||||||
| Drybulk fleet | |||||||||||
| Capesize: | |||||||||||
| Mystic | 2008 | 170,040 | Capesize | $52,310 | Aug-18 | Dec-18 | |||||
| Robusto | 2006 | 173,949 | Capesize | $26,000 | Aug-14 | Dec-14 | |||||
| Cohiba | 2006 | 174,200 | Capesize | $26,250 | Oct-14 | Feb-15 | |||||
| Montecristo | 2005 | 180,263 | Capesize | $23,500 | May-14 | Oct-14 | |||||
| Flecha | 2004 | 170,012 | Capesize | $55,000 | Jul-18 | Nov-18 | |||||
| Manasota | 2004 | 171,061 | Capesize | $30,000 | Jan-18 | Aug-18 | |||||
| Partagas | 2004 | 173,880 | Capesize | $27,500 | Jul-12 | Dec-12 | |||||
| Alameda | 2001 | 170,662 | Capesize | $27,500 | Nov-15 | Jan-16 | |||||
| Capri | 2001 | 172,579 | Capesize | Spot | N/A | N/A | |||||
| Panamax: | |||||||||||
| Amalfi | 2009 | 75,206 | Panamax | $39,750 | Aug- 13 | Dec-13 | |||||
| Catalina | 2005 | 74,432 | Panamax | $40,000 | Jun-13 | Aug-13 | |||||
| Majorca | 2005 | 74,477 | Panamax | $43,750 | Jun-12 | Aug-12 | |||||
| Ligari | 2004 | 75,583 | Panamax | $55,500 | Jun-12 | Aug-12 | |||||
| Avoca | 2004 | 76,629 | Panamax | $45,500 | Sep-13 | Dec-13 | |||||
| Padre | 2004 | 73,601 | Panamax | $46,500 | Sep-12 | Dec-12 | |||||
| Saldanha | 2004 | 75,707 | Panamax | $52,500 | Jun-12 | Sep-12 | |||||
| Sorrento | 2004 | 76,633 | Panamax | $24,500 | Aug-21 | Dec-21 | |||||
| Mendocino | 2002 | 76,623 | Panamax | $56,500 | Jun-12 | Sep-12 | |||||
| Bargara | 2002 | 74,832 | Panamax | $43,750 | May-12 | Jul-12 | |||||
| Ecola | 2001 | 73,931 | Panamax | $43,500 | Jun-12 | Aug-12 | |||||
| Positano | 2000 | 73,288 | Panamax | $42,500 | Sep-13 | Dec-13 | |||||
| Redondo | 2000 | 74,716 | Panamax | $34,500 | Apr-13 | Jun-13 | |||||
| Topeka | 2000 | 74,710 | Panamax | $15,000 | Jan-12 | Mar-12 | |||||
| Helena | 1999 | 73,744 | Panamax | $32,000 | May-12 | Jan-13 | |||||
| Rapallo | 2009 | 75,123 | Panamax | Spot | N/A | N/A | |||||
| Oregon | 2002 | 74,204 | Panamax | Spot | N/A | N/A | |||||
| Samatan | 2001 | 74,823 | Panamax | Spot | N/A | N/A | |||||
| Sonoma | 2001 | 74,786 | Panamax | Spot | N/A | N/A | |||||
| Capitola | 2001 | 74,816 | Panamax | Spot | N/A | N/A | |||||
| Levanto | 2001 | 73,925 | Panamax | Spot | N/A | N/A | |||||
| Maganari | 2001 | 75,941 | Panamax | Spot | N/A | N/A | |||||
| Coronado | 2000 | 75,706 | Panamax | Spot | N/A | N/A | |||||
| Marbella | 2000 | 72,561 | Panamax | Spot | N/A | N/A | |||||
| Ocean Crystal | 1999 | 73,688 | Panamax | Spot | N/A | N/A | |||||
| Year | Gross rate | Redelivery | |||||||||
| Built | DWT | Type | Per day | Earliest | Latest | ||||||
| Supramax: | |||||||||||
| Byron | 2003 | 51,201 | Supramax | Spot | N/A | N/A | |||||
| Galveston | 2002 | 51,201 | Supramax | Spot | N/A | N/A | |||||
| Newbuildings | |||||||||||
| Panamax 1 | 2012 | 76,000 | Panamax | 13,150 | Dec-12 | Feb-13 | |||||
| Panamax 2 | 2012 | 76,000 | Panamax | 13,150 | Feb-13 | Apr-13 | |||||
| Capesize 1 | 2012 | 176,000 | Capesize | Spot | N/A | N/A | |||||
| Capesize 2 | 2012 | 176,000 | Capesize | Spot | N/A | N/A | |||||
| Newbuilding VLOC #1 | 2012 | 206,000 | Capesize | $25,000 | Apr-15 | Apr-20 | |||||
| Newbuilding VLOC #2 | 2012 | 206,000 | Capesize | $23,000 | Aug-17 | Aug-22 | |||||
| Newbuilding VLOC #3 | 2012 | 206,000 | Capesize | $21,500 | Oct-19 | Oct-26 | |||||
| Newbuilding VLOC #5 | 2013 | 206,000 | Capesize | Spot | N/A | N/A | |||||
| Newbuilding VLOC #4 | 2012 | 206,000 | Capesize | Spot | N/A | N/A | |||||
| Tanker fleet | |||||||||||
| Vilamoura | 2011 | 158,300 | Suezmax | Blue Fin Pool | N/A | N/A | |||||
| Saga | 2011 | 115,200 | Aframax | Sigma Pool | N/A | N/A | |||||
| Daytona | 2011 | 115,200 | Aframax | Sigma Pool | N/A | N/A | |||||
| Belmar | 2011 | 115,200 | Aframax | Sigma Pool | N/A | N/A | |||||
| Newbuildings | |||||||||||
| Blanca | 2013 | 158,300 | Suezmax | Blue Fin Pool | N/A | N/A | |||||
| Bordeira | 2013 | 158,300 | Suezmax | Blue Fin Pool | N/A | N/A | |||||
| Esperona | 2013 | 158,300 | Suezmax | Blue Fin Pool | N/A | N/A | |||||
| Lipari | 2012 | 158,300 | Suezmax | Blue Fin Pool | N/A | N/A | |||||
| Petalidi | 2012 | 158,300 | Suezmax | Blue Fin Pool | N/A | N/A | |||||
| Alicante | 2012 | 115,200 | Aframax | Sigma Pool | N/A | N/A | |||||
| Calida | 2012 | 115,200 | Aframax | Sigma Pool | N/A | N/A | |||||
| Mareta | 2012 | 115,200 | Aframax | Sigma Pool | N/A | N/A | |||||
Drilling Rigs:
| Unit | Year built | Redelivery | Operating area | Backlog ($m) (*) | |||
| Leiv Eiriksson | 2001 | Q3 - 12 | Greenland, Falklands | $ 154 | |||
| Eirik Raude | 2002 | Q2 - 12 | Offshore Ghana, Ivory Coast | $ 107 | |||
| Ocean Rig Corcovado | 2011 | Q1 - 15 | Greenland, Brazil | $ 562 | |||
| Ocean Rig Olympia | 2011 | Q2 - 12 | West Africa | $ 90 | |||
| Ocean Rig Poseidon | 2011 | Q2 - 13 | Tanzania | $ 349 | |||
| Ocean Rig Mykonos | 2011 | Q4 - 14 | Brazil | $ 528 | |||
| Total | $1,790 |
(*) Backlog as of September 30, 2011 as adjusted for material developments thereafter
Drybulk Carrier and Tanker Segment Summary Operating Data (unaudited)
(Dollars in thousands, except average daily results)
| Drybulk | Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
| 2010 | 2011 | 2010 | 2011 | |||||||||||||
| Average number of vessels(1) | 37.3 | 35.2 | 37.3 | 35.7 | ||||||||||||
| Total voyage days for vessels(2) | 3,389 | 3,164 | 10,032 | 9,492 | ||||||||||||
| Total calendar days for vessels(3) | 3,428 | 3,240 | 10,179 | 9,743 | ||||||||||||
| Fleet utilization(4) | 98.9 | % | 97.7 | % | 98.6 | % | 97.4 | % | ||||||||
| Time charter equivalent(5) | $ | 31,886 | $ | 27,011 | $ | 32,266 | $ | 27,779 | ||||||||
| Vessel operating expenses (daily)(6) | $ | 4,864 | $ | 5,844 | $ | 5,134 | $ | 6,020 | ||||||||
| Tanker | Three Months Ended September 30, 2011 |
Nine Months Ended September 30, 2011 |
|||||
| Average number of vessels(1) | 2.6 | 2.21 | |||||
| Total voyage days for vessels(2) | 276 | 602 | |||||
| Total calendar days for vessels(3) | 276 | 602 | |||||
| Fleet utilization(4) | 100 | % | 100 | % | |||
| Time charter equivalent(5) | $ | 11,880 | $ | 14,081 | |||
| Vessel operating expenses (daily)(6) | $ | 7,725 | $ | 10,169 | |||
(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.
(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.
| Drybulk | Three Months Ended September 30, |
Nine Months Ended September 30, | |||||||||||||
| 2010 | 2011 | 2010 | 2011 | ||||||||||||
| Voyage revenues | $ | 115,114 | $ | 88,613 | $ | 344,283 | $ | 278,741 | |||||||
| Voyage expenses | (7,051 | ) | (3,150 | ) | (20,588 | ) | (15,062 | ) | |||||||
| Time charter equivalent revenues | $ | 108,063 | $ | 85,463 | $ | 323,695 | $ | 263,679 | |||||||
| Total voyage days for fleet | 3,389 | 3,164 | 10,032 | 9,492 | |||||||||||
| Time charter equivalent TCE | $ | 31,886 | $ | 27,011 | $ | 32,266 | $ | 27,779 | |||||||
| Tanker | Three Months Ended September 30, 2011 | Nine Months Ended September 30, 2011 | |||||
| Voyage revenues | $ | 3,400 | $ | 8,748 | |||
| Voyage expenses | (121 | ) | (271 | ) | |||
| Time charter equivalent revenues | $ | 3,279 | $ | 8,477 | |||
| Total voyage days for fleet | 276 | 602 | |||||
| Time charter equivalent TCE | $ | 11,880 | $ | 14,081 | |||
| Dryships Inc. | ||||||||||||||||
| Financial Statements | ||||||||||||||||
| Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Expressed in Thousands of U.S. Dollars except for share and per share data) | Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
| 2010 | 2011 | 2010 | 2011 | |||||||||||||
| (as restated) | (as restated) | |||||||||||||||
| REVENUES: | ||||||||||||||||
| Voyage revenues | $ | 115,114 | $ | 92,013 | $ | 344,283 | $ | 287,489 | ||||||||
| Revenues from drilling contracts | 110,412 | 226,036 | 299,640 | 461,991 | ||||||||||||
| 225,526 | 318,049 | 643,923 | 749,480 | |||||||||||||
| EXPENSES: | ||||||||||||||||
| Voyage expenses | 7,052 | 3,271 | 20,589 | 15,333 | ||||||||||||
| Vessel and drilling rig operating expenses | 43,521 | 105,705 | 138,615 | 253,549 | ||||||||||||
| Depreciation and amortization | 48,546 | 70,980 | 144,028 | 192,001 | ||||||||||||
| (Gain)/ Loss on sale of assets, net | - | 1,893 | (10,142 | ) | 2,597 | |||||||||||
| Vessel impairment charge | 112 | - | - | 112,104 | ||||||||||||
| Gain from vessel insurance proceeds | - | - | - | (25,064 | ) | |||||||||||
| General and administrative expenses | 18,049 | 24,503 | 62,060 | 76,894 | ||||||||||||
| Operating income | 108,246 | 111,697 | 288,773 | 122,066 | ||||||||||||
| OTHER INCOME / (EXPENSES): | ||||||||||||||||
| Interest and finance costs, net of interest income | (10,042 | ) | (36,975 | ) | (40,255 | ) | (85,876 | ) | ||||||||
| Loss on interest rate swaps | (48,962 | ) | (31,466 | ) | (147,389 | ) | (71,242 | ) | ||||||||
| Other, net | 11,270 | 848 | 4,061 | 3,120 | ||||||||||||
| Income taxes | (2,858 | ) | (7,778 | ) | (14,796 | ) | (17,556 | ) | ||||||||
| Total other expenses | (50,592 | ) | (75,371 | ) | (198,379 | ) | (171,554 | ) | ||||||||
| Net income / (loss) | 57,654 | 36,326 | 90,394 | (49,488 | ) | |||||||||||
| Net income attributable to Non controlling interests | - | (11,300 | ) | - | (13,811 | ) | ||||||||||
| Net income / (loss) attributable to Dryships Inc. |
$57,654 |
$ | 25,026 | $90,394 |
$ | (63,299 | ) | |||||||||
| Earnings/(loss) per common share, basic and diluted | $ | 0.21 | $ | 0.07 | $ | 0.31 | $ | (0.19 | ) | |||||||
| Weighted average number of shares, basic and diluted | 257,034,024 | 355,764,523 | 255,693,215 | 348,286,721 | ||||||||||||
| Dryships Inc. | ||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||
| (Expressed in Thousands of U.S. Dollars) | December 31, 2010 | September 30, 2011 |
||||
| ASSETS | ||||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ | 391,530 | $ | 398,959 | ||
| Restricted cash | 578,311 | 111,144 | ||||
| Trade accounts receivable, net | 25,204 | 85,719 | ||||
| Other current assets | 70,065 | 112,540 | ||||
| Total current assets | 1,065,110 | 708,362 | ||||
| FIXED ASSETS, NET: | ||||||
| Vessels and rigs under construction and acquisitions | 2,072,699 | 963,812 | ||||
| Vessels, net | 1,917,966 | 1,968,981 | ||||
| Drilling rigs, machinery and equipment, net | 1,249,333 | 4,580,004 | ||||
| Office equipment | - | 418 | ||||
| Total fixed assets, net | 5,239,998 | 7,513,215 | ||||
| OTHER NON-CURRENT ASSETS: | ||||||
| Restricted cash | 195,517 | 332,782 | ||||
| Other non-current assets | 483,869 | 132,609 | ||||
| Total non-current assets | 679,386 | 465,391 | ||||
| Total assets | 6,984,494 | 8,686,968 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Current portion of long-term debt | 731,232 | 360,909 | ||||
| Other current liabilities | 204,203 | 307,800 | ||||
| Total current liabilities | 935,435 | 668,709 | ||||
| NON-CURRENT LIABILITIES | ||||||
| Long-term debt, net of current portion | 1,988,460 | 3,913,915 | ||||
| Other non-current liabilities | 161,070 | 143,935 | ||||
| Total non current liabilities | 2,149,530 | 4,057,850 | ||||
| STOCKHOLDERS' EQUITY: | ||||||
| Total equity | 3,899,529 | 3,960,409 | ||||
| Total liabilities and stockholders' equity | $ | 6,984,494 | $ | 8,686,968 | ||
Adjusted EBITDA Reconciliation
Adjusted EBITDA represents net income before interest, taxes, depreciation and amortization, vessel impairments 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 United States generally accepted accounting principles, or 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:
| (Dollars in thousands) | Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||
| 2010 (as restated) |
2011 | 2010 (as restated) |
2011 | |||||||
| Net income / (loss) | $ | 57,654 | 25,026 | 90,394 | $ | (63,299 | ) | |||
| Add: Net interest expense | 10,042 | 36,975 | 40,255 | 85,876 | ||||||
| Add: Depreciation and amortization | 48,546 | 70,980 | 144,028 | 192,001 | ||||||
| Add: Impairment losses | - | - | - | 112,104 | ||||||
| Add: Income taxes | 2,858 | 7,778 | 14,796 | 17,556 | ||||||
| Add: Loss on interest rate swaps | 48,962 | 31,466 | 147,389 | 71,242 | ||||||
| Adjusted EBITDA | $ | 168,062 | 172,225 | 436,862 | $ | 415,480 | ||||
Conference Call and Webcast: November 8, 2011
As announced, the Company's management team will host a conference call, on November 8, 2011 at 9:00 a.m. Eastern Standard Time 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) 1452 542 301 (from outside the US). Please quote "DryShips."
A replay of the conference call will be available until November 10, 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 55 00 00 and the access code required for the replay is: 2133051#.
A replay of the conference call will also be available on the Company's website at www.dryships.com under the Investor Relations section.
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. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 9 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 7 ultra deepwater drillships, 3 of which remain to be delivered to Ocean Rig during 2013. DryShips owns a fleet of 45 drybulk carriers (including newbuildings), comprising 11 Capesize, 27 Panamax, 2 Supramax and 9 newbuildings Very Large Ore Carriers (VLOC) with a combined deadweight tonnage of over 5.1 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' 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 rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in our 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 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