Dryships reports net loss $1.44bn for 2Q 2015
Athens, Greece based DryShips Inc. (DryShips or the Company), an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate, Ocean Rig UDW Inc. (Ocean Rig) of offshore deepwater drilling services, announced its unaudited financial and operating results for the second quarter ended June 30, 2015.
Second quarter 2015 financial highlights:
For the second quarter of 2015, the Company reported a net loss of $1.44 billion, or $2.17 basic and diluted loss per share.
Included in the second quarter 2015 results are:
- A one-time non-cash loss of $1.35 billion, or $2.03 per share, as a result of the deconsolidation of Ocean Rig.
- Impairment charge on one drybulk vessel, of $83.9 million, or $0.13 per share.
- Other non-cash losses related to the previously announced settlement of receivables and new employment entered into with one of our charterers, of $45.8 million, or $0.07 per share.
Excluding these items, the Company’s net results would have amounted to a net income of $36.5 million, or $0.06 per share.
The Company reported Adjusted EBITDA of $243.4 million for the second quarter of 2015, as compared to $248.8 million for the second quarter of 2014.
George Economou, Chairman and Chief Executive Officer of the Company, commented: “Dryships second quarter results were burdened with one-off non-cash losses mainly associated with the deconsolidation of Ocean Rig. More recently, our stake in Ocean Rig has fallen even further as a
result of the settlement of the $120 million promissory note by means of shares of Ocean Rig. Following the consummation of the transaction, Dryships will continue to remain the largest single shareholder in Ocean Rig with an approximately 40% direct ownership."