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DryShips Inc. Announces Agreement to Purchase a Capesize Vessel Expanding Fleet to 42 Vessels
| Source: DryShips Inc.
ATHENS, GREECE--(Marketwire - October 4, 2007) - DryShips, Inc., (NASDAQ : DRYS ), a global
provider of marine transportation services for drybulk cargoes, today
announced that it has entered into an agreement, with a unaffiliated third
party, to acquire a resale contract for a 170,000 dwt Capesize bulk
carrier, currently under construction in South Korea, for $147.5 million.
The vessel is scheduled for delivery to DryShips in the second quarter of
2008.
The acquisition is subject to customary closing conditions.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented: "We are
pleased to announce the acquisition of a brand new Capesize vessel with a
very attractive delivery position. This will enable us to take full
advantage of the strong dry bulk market fundamentals expected for next
year."
About DryShips
DryShips Inc. is an international provider of drybulk cargo marine
transportation services. Headquartered in Athens, Greece, DryShips
currently owns and operates a fleet of 42 drybulk carriers comprising 5
Capesize, 28 Panamax, 1 Handymax and 8 newbuilding drybulk vessels, with a
combined deadweight tonnage of approximately 3.8 million tons.
DryShips Inc.'s common stock is listed on NASDAQ Global Market where it
trades under the symbol "DRYS."
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 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 charter hire 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, 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 U.S. Securities and Exchange Commission.
Visit our website at www.dryships.com
Email: management@dryships.com