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 Reached Final Agreement With Nordea Bank for a Covenant Waiver on the $800 Million Primelead Facility
| Source: DryShips Inc.
ATHENS, GREECE--(Marketwire - February 26, 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 reached final agreement and received formal approval from
Nordea Bank Finland Plc, DnB NOR Bank ASA and HSH Nordbank AG regarding the
previously announced covenant waiver in connection with the $800 million
Primelead facility consistent with the terms previously announced on
February 9, 2009.
George Economou, Chairman and Chief Executive Officer, commented:
"We are delighted to have reached a definitive agreement with the three
lenders on the Primelead facility. This agreement is a testament of the
support of Nordea Bank Finland Plc, DnB NOR Bank ASA and HSH Nordbank AG to
DryShips. These three lenders acting as agents or direct lenders represent
75% of the total loans outstanding of the Company."
About DryShips Inc.
DryShips Inc., based in Greece, is an owner and operator of drybulk
carriers that operate worldwide. As of the day of this release, DryShips
owns a fleet of 43 drybulk carriers comprising 7 Capesize, 29 Panamax, 2
Supramax and 5 newbuilding drybulk vessels with a combined deadweight
tonnage of over 3.4 million tons, 2 ultra deep water semisubmersible
drilling rigs and 2 ultra deep water newbuilding drillships. DryShips
Inc.'s common stock is listed on the NASDAQ Global Market where 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.