Contact Information: Investor Relations / Media: Nicolas Bornozis Capital Link, Inc. (New York) Tel. 212-661-7566 E-mail: dryships@capitallink.com
DryShips Announces It Has Signed Agreement With Deutsche Schiffsbank on Waiver Terms for $117.5 Million of Debt
| Source: DryShips Inc.
ATHENS, GREECE--(Marketwire - November 17, 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 that it has signed an agreement with Deutsche Schiffsbank on waiver
terms for two facilities with an aggregate of $117.5 million of its
outstanding debt.
George Economou, Chairman and Chief Executive Officer, commented: "I am
delighted to report that with the signing of the Deutsche Schiffsbank
waiver, we have now obtained all the necessary waivers for all of our
outstanding debt. This resolves all cross default issues and is expected to
result in the normal classification of our long term debt on our balance
sheet. We would like to thank our banks for being extremely supportive of
the company. DryShips is in a strong position to take advantage of the
distressed opportunities that are emerging from banks, shipyards and other
sources."
About DryShips Inc.
DryShips Inc., based in Greece, is an owner and operator of drybulk
carriers and offshore oil deep water drilling that operate worldwide. As of
the day of this release, DryShips owns a fleet of 39 drybulk carriers
comprising 7 Capesize, 30 Panamax and 2 Supramax, with a combined
deadweight tonnage of over 3.4 million tons, 2 ultra deep water
semisubmersible drilling rigs and 4 ultra deep water newbuilding
drillships.
DryShips Inc.'s common stock is listed on the NASDAQ Global Market where it
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.