• 2015 September 11 12:31

  Dryships announces agreements to sell 17 vessels and an expected impairment loss of $795 million

  

  DryShips Inc., a global provider of marine transportation services for drybulk  cargoes, and through its  affiliate, Ocean Rig UDW Inc., of off - shore contract drilling oil services, announced that it has entered into firm sales agreements with entities controlled by the  Company’s Chairman and Chief Executive Officer, George Economou, to sell 17 vessels.

  The 17 vessels , comprise d of 13 Capesize and 4 Panamax bulk carriers , are being sold for an  aggregate price of $377.0 million , including  their existing employment agreements and  the  assumption of  $23 6.7 million of  debt  as of September 10, 2015,  associated with some of the  vessels. A ll  of  the individual transactions  are expected to close  in the fourth quarter of 2015 and  certain transactions remain subject to the  approval of the applicable lending banks. These  transactions were approved by the independent directors of the Company. As a result of the Company’s decision to sell these vessels, the Company expects to recognize an  impairment charge of approximately $37 3 million in its results for  the  third quarter of 2015. 

  In addition, the Company’s Board of Directors, has decided  to classify all of the remaining  vessels in the fleet , comprised of 20 Panamax and 2 Supramax bulk carriers , as held for sale, and  as a res ult the Company expects to recognize an additional impairment charge of approximately  $422 million in its results for  the  third quarter of 2015.

  About DryShips Inc.

  DryShips Inc. is an owner of drybulk carriers that operate worldwide. Dryships also has an  affiliate  Ocean Rig UDW Inc., an offshore deepwater drilling services company, which owns and  operates 13 offshore ultra deep water drilling units, comprised of 2 ultra deepwater  semisubmersible drilling rigs and 11 ultra deepwater dril lships, 1 of which is scheduled to be  delivered to Ocean Rig during 2016 , 1 of which is scheduled to be delivered during 2018 and 1 of  which is scheduled to be delivered during 2019 . DryShips owns a fleet of 39 drybulk carriers,  comprising 13 Capesize, 24 Panamax and 2 Supramax with a combined deadweight tonnage of  approx imately 4.3 million tons.

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