SOURCE: DryShips Inc.

DryShips Inc.

February 25, 2015 16:02 ET

DryShips Inc. Reports Financial and Operating Results for the Fourth Quarter 2014

ATHENS, GREECE--(Marketwired - Feb 25, 2015) -  DryShips Inc. (NASDAQ: DRYS), or DryShips or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the fourth quarter ended December 31, 2014.

Fourth Quarter 2014 Financial Highlights

  • For the fourth quarter of 2014, the Company reported a net loss of $24.0 million, or $0.04 basic and diluted loss per share.

    Included in the fourth quarter 2014 results is an impairment charge on one drybulk vessel, of $38.1 million, or $0.06 per share.

    Excluding this item, the Company's net results would have amounted to a net income of $14.1 million, or $0.02 per share. (1)

  • The Company reported Adjusted EBITDA of $298.7 million for the fourth quarter of 2014, as compared to $179.8 million for the fourth quarter of 2013. (2)

Year Ended December 31, 2014 Financial Highlights

  • For the year ended December 31, 2014, the Company reported a net loss of $47.5 million, or $0.11 basic and diluted loss per share.

    Included in the year ended December 31, 2014 results are:
    • Impairment charge on one drybulk vessel, of $38.1 million, or $0.08 per share.

    • Non-cash write-offs and redemption costs associated with the full refinancing of Ocean Rig's $500.0 million 9.5% senior unsecured notes due 2016, totaling $32.6 million or $0.07 per share.

    • Non-cash write offs and breakage costs associated with the full refinancing of Ocean Rig's $1.35 billion Senior Secured Credit Facility, totaling $22.0 million or $0.05 per share.

      Excluding the above items, the Company would have reported a net income of $23.0 million, or $0.05 per share. (1)
  • The Company reported Adjusted EBITDA(2) of $1,048.3 million for the year ended December 31, 2014, as compared to $597.0 million for the year ended December 31, 2013.

(1)  The net result is adjusted for the minority interests of 40.69% not owned by DryShips Inc. common stockholders.
(2)  Adjusted EBITDA is a non-GAAP measure; please see later in this press release for reconciliation to net income.

Recent Highlights

  • On February 24, 2015, Ocean Rigs' Board of Directors declared a quarterly cash dividend with respect to the quarter ended December 31, 2014, of $0.19 per common share, to Ocean Rig shareholders of record as of March 10, 2015 and payable on or about March 23, 2015.

George Economou, Chairman and Chief Executive Officer of the Company, commented:

"We are pleased to announce another quarter of positive operating results returning the company to full-year profitability excluding non-cash items.

"Our results were driven by another excellent quarter by Ocean Rig who continues to execute on its business plan with high operating utilization. While the short-term outlook for the industry is not as bright as it was a year ago, Ocean Rig with it's modern fleet, solid contract backlog and strong balance sheet is well positioned not only to weather the storm but also to take advantage of distressed opportunities as they arrive.

"The drybulk market remains challenging but we feel that we are getting closer to the bottom with each passing day as the increased scrapping activity of older vessels this year indicates. With no newbuildings on order, Dryships is better positioned than most of its peers in this downturn and with its large amount of spot market exposure is uniquely placed to take advantage of any increase in freight rates.

"Lastly, turning to the crude tanker markets, the fundamentals for 2015 remain extremely bullish. Our fourth quarter results include only in a limited way the stronger freight market that started since last November, which will be more fully reflected in our first quarter results. With few newbuilding deliveries and healthy demand driven by the lower oil price, the strong tanker market should extend well into 2016."

Financial Review: 2014 Fourth Quarter

The Company recorded net loss of $24.0 million, or $0.04 basic and diluted loss per share, for the three-month period ended December 31, 2014, as compared to a net loss of $24.4 million, or $0.06 basic and diluted loss per share, for the three-month period ended December 31, 2013. Adjusted EBITDA(1) was $298.7 million for the fourth quarter of 2014, as compared to $179.8 million for the same period in 2013.

For the drybulk carrier segment, net voyage revenues (voyage revenues minus voyage expenses) amounted to $46.1 million for the three-month period ended December 31, 2014, as compared to $45.4 million for the three-month period ended December 31, 2013. For the tanker segment, net voyage revenues amounted to $23.9 million for the three-month period ended December 31, 2014, as compared to $11.9 million for the same period in 2013. For the offshore drilling segment, revenues from drilling contracts increased by $153.9 million to $499.4 million for the three-month period ended December 31, 2014, as compared to $345.5 million for the same period in 2013.

Total vessels', drilling rigs' and drillships' operating expenses and total depreciation and amortization increased to $225.4 million and to $116.3 million, respectively, for the three-month period ended December 31, 2014, from $166.7 million and $96.5 million, respectively, for the three-month period ended December 31, 2013. Total general and administrative expenses decreased to $54.6 million in the fourth quarter of 2014, from $57.1 million during the same period in 2013.

Interest and finance costs, net of interest income, amounted to $87.7 million for the three-month period ended December 31, 2014, compared to $75.8 million for the three-month period ended December 31, 2013.

The Time Charter Equivalent(2), or TCE, rate for our drybulk fleet was $12,974 per day per vessel in the three month period ended December 31, 2014, as compared to $13,303 per day per vessel in the corresponding period of 2013. The Time Charter Equivalent, or TCE, rate for our tanker fleet was $26,003 per day per vessel in the three month period ended December 31, 2014 which is a significant improvement compared to the $12,963 per day per vessel TCE rate in the corresponding period of 2013.

(1) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for reconciliation to net income.
(2) Time Charter Equivalent is a non-GAAP measure; please see later in this press release for definition.

Fleet List

The table below describes our fleet profile as of February 24, 2015:

                         
    Year           Gross rate   Redelivery    
    Built   DWT   Type   Per day   Earliest   Latest
Drybulk fleet                        
                         
Capesize:                        
Rangiroa   2013   206,026   Capesize   $23,000   May-18   Dec-23
Negonego   2013   206,097   Capesize   $21,500   Mar-20   Feb-28
Fakarava   2012   206,152   Capesize   $25,000   Sept-15   Sept-20
Raiatea   2011   179,078   Capesize   $23,500   Oct-19   Dec-19
Mystic   2008   170,040   Capesize   $52,310   Aug-18   Dec-18
Robusto   2006   173,949   Capesize   $23,500   Jul-19   Sept-19
Cohiba   2006   174,234   Capesize   $23,500   Sep-19   Nov-19
Montecristo   2005   180,263   Capesize   $23,500   Jul-19   Sep-19
Flecha   2004   170,012   Capesize   $55,000   Jul-18   Nov-18
Manasota   2004   171,061   Capesize   $30,000   Jan-18   Aug-18
Partagas   2004   173,880   Capesize   $23,500   Sep-19   Nov-19
Alameda   2001   170,662   Capesize   $27,500   Nov-15   Jan-16
Capri   2001   172,579   Capesize   $20,000   Jan-16   May-16
                         
Panamax:                        
Raraka   2012   76,037   Panamax   Spot   N/A   N/A
Woolloomooloo   2012   76,064   Panamax   Spot   N/A   N/A
Amalfi   2009   75,206   Panamax   Spot   N/A   N/A
Rapallo   2009   75,123   Panamax   T/C Index linked   Jul-16   Sep-16
Catalina   2005   74,432   Panamax   Spot   N/A   N/A
Majorca   2005   74,477   Panamax   Spot   N/A   N/A
Ligari   2004   75,583   Panamax   Spot   N/A   N/A
Saldanha   2004   75,707   Panamax   Spot   N/A   N/A
Sorrento   2004   76,633   Panamax   $24,500   Aug-21   Dec-21
Mendocino   2002   76,623   Panamax   T/C Index linked   Sep-16   Nov-16
Bargara   2002   74,832   Panamax   T/C Index linked   Sep-16   Nov-16
Oregon   2002   74,204   Panamax   Spot   N/A   N/A
Ecola   2001   73,931   Panamax   Spot   N/A   N/A
Samatan   2001   74,823   Panamax   Spot   N/A   N/A
Sonoma   2001   74,786   Panamax   Spot   N/A   N/A
Capitola   2001   74,816   Panamax   Spot   N/A   N/A
Levanto   2001   73,925   Panamax   T/C Index linked   Aug-16   Oct-16
Maganari   2001   75,941   Panamax   Spot   N/A   N/A
Coronado   2000   75,706   Panamax   Spot   N/A   N/A
Marbella   2000   72,561   Panamax   Spot   N/A   N/A
Redondo   2000   74,716   Panamax   Spot   N/A   N/A
Topeka   2000   74,716   Panamax   Spot   N/A   N/A
Ocean Crystal   1999   73,688   Panamax   Spot   N/A   N/A
Helena   1999   73,744   Panamax   Spot   N/A   N/A
                         
Supramax:                        
Byron   2003   51,118   Supramax   Spot   N/A   N/A
Galveston   2002   51,201   Supramax   Spot   N/A   N/A
                         
                         
    Year Built/or Scheduled Delivery   DWT   Type   Gross rate
Per day
  Redelivery Earliest   Latest
                         
Tanker fleet                        
Suezmax:                        
Bordeira   2013   158,513   Suezmax   Spot   N/A   N/A
Petalidi   2012   158,532   Suezmax   Spot   N/A   N/A
Lipari   2012   158,425   Suezmax   Spot   N/A   N/A
Vilamoura   2011   158,622   Suezmax   Spot   N/A   N/A
Aframax:                        
Alicante   2013   115,708   Aframax   Spot   N/A   N/A
Mareta   2013   115,796   Aframax   Spot   N/A   N/A
Calida   2012   115,812   Aframax   Spot   N/A   N/A
Saga   2011   115,738   Aframax   Spot   N/A   N/A
Daytona   2011   115,896   Aframax   Spot   N/A   N/A
Belmar   2011   115,904   Aframax   Spot   N/A   N/A
                         

Drilling Rigs/Drillships:

Total backlog as of February 24, 2015 amounted to $5.2 billion.

           
Unit Year built/or Scheduled Delivery   Redelivery   Operating Area
           
Leiv Eiriksson 2001   Q1 - 16   Norwegian Continental Shelf
Eirik Raude 2002   Q4 - 15   Falkland Islands
Ocean Rig Corcovado 2011   Q2 - 15   Brazil
      Q2--18   Brazil
Ocean Rig Olympia 2011   Q3 - 15(1)   Angola
      Q4 - 15(2)   Angola
Ocean Rig Poseidon 2011   Q2 - 16   Angola
      Q2 - 17(2)   Angola
Ocean Rig Mykonos 2011   Q1 - 15   Brazil
      Q1--18   Brazil
Ocean Rig Mylos 2013   Q3 - 16   Brazil
Ocean Rig Skyros 2013   Q3 - 15 (2)   Nigeria, Angola
      Q3 - 21   Angola
Ocean Rig Athena 2014   Q2 - 17   Angola
Newbuildings          
Ocean Rig Apollo Mar. 2015   Q2 - 18   West Africa
Ocean Rig Santorini Jun. 2016   N/A   N/A
Ocean Rig TBN#1 Feb. 2017   N/A   N/A
Ocean Rig TBN#2 Jun. 2017   N/A   N/A
           

(1) TOTAL E&P ANGOLA has notified us its intentions to redeliver the Ocean Rig Olympia on completion of its present well expected in the first quarter of 2015 and ahead of the contractual redelivery date of August 2015. We are presently in discussions with Total EP Angola and intend to legally defend our rights should we fail to reach an amicable solution. The backlog calculation for the Ocean Rig Olympia assumes that the unit is employed until the end of the contract.

(2) Includes new ENI contracts which are subject to customary closing conditions which we expect will be obtained before the end of the first quarter of 2015.

Drybulk Carrier and Tanker Segment Summary Operating Data(unaudited)
(Dollars in thousands, except average daily results)

             
Drybulk   Three Months Ended
December 31,
    Year Ended December 31,  
    2013     2014     2013     2014  
Average number of vessels(1)     38.0       39.0       37.2       38.7  
Total voyage days for vessels(2)     3,412       3,555       13,442       13,889  
Total calendar days for vessels(3)     3,496       3,588       13,560       14,122  
Fleet utilization(4)     97.6 %     99.1 %     99.1 %     98.4 %
Time charter equivalent(5)   $ 13,303     $ 12,974     $ 12,062     $ 12,354  
Vessel operating expenses (daily)(6)   $ 6,251     $ 6,659     $ 5,796     $ 6,400  
                                 

Tanker
 
Three Months Ended 
December 31,
   
Year Ended December 31,
 
    2013     2014     2013     2014  
Average number of vessels(1)     10.0       10.0       9.9       10.0  
Total voyage days for vessels(2)     920       920       3,598       3,650  
Total calendar days for vessels(3)     920       920       3,598       3,650  
Fleet utilization(4)     100.0 %     100.0 %     100.0 %     100.0 %
Time charter equivalent(5)   $ 12,963     $ 26,003     $ 12,900     $ 21,835  
Vessel operating expenses (daily)(6)   $ 7,148     $ 7,222     $ 7,286     $ 7,138  
                                 

(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
(2) Total voyage days for fleet are the total days the vessels were in our possession for the relevant period net of dry-docking days.
(3) Calendar days are the total number of days the vessels were in our possession for the relevant period including dry-docking days.
(4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
(5) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage and are paid by the charterer under a time charter contract, as well as commissions. TCE revenues, a non-U.S. GAAP measure, provides additional meaningful information in conjunction with revenues from our vessels, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Please see below for a reconciliation of TCE rates to voyage revenues.
(6) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

(In thousands of U.S. dollars, except for TCE rate, which is expressed in Dollars, and voyage days)

             
Drybulk   Three Months Ended December 31,     Year Ended December 31,  
    2013     2014     2013     2014  
Voyage revenues   $ 53,021     $ 54,037     $ 191,024     $ 205,630  
Voyage expenses     (7,630 )     (7,913 )     (28,886 )     (34,044 )
Time charter equivalent revenues   $ 45,391     $ 46,124     $ 162,138     $ 171,586  
Total voyage days for fleet     3,412       3,555       13,442       13,889  
Time charter equivalent TCE   $ 13,303     $ 12,974     $ 12,062     $ 12,354  
                                 
Tanker   Three Months Ended December 31,     Year Ended December 31,  
    2013     2014     2013     2014  
Voyage revenues   $ 32,873     $ 45,008     $ 120,740     $ 162,817  
Voyage expenses     (20,947 )     (21,085 )     (74,325 )     (83,121 )
Time charter equivalent revenues   $ 11,926     $ 23,923     $ 46,415     $ 79,696  
Total voyage days for fleet     920       920       3,598       3,650  
Time charter equivalent TCE   $ 12,963     $ 26,003     $ 12,900     $ 21,835  
                                 
                                 
                                 
DryShips Inc.  
   
Financial Statements  
Unaudited Condensed Consolidated Statements of Operations  
   
(Expressed in Thousands of U.S. Dollars except for share and per share data)
Three Months Ended December 31,
   
Year Ended December 31,
 
  2013     2014     2013     2014  
                               
REVENUES:                              
Voyage revenues $ 85,894     $ 99,045     $ 311,764     $ 368,447  
Revenues from drilling contracts   345,458       499,366       1,180,250       1,817,077  
    431,352       598,411       1,492,014       2,185,524  
                               
EXPENSES:                              
Voyage expenses   28,577       28,998       103,211       117,165  
Vessel operating expenses   28,430       30,537       104,808       116,428  
Drilling rigs operating expenses   138,311       194,815       504,957       727,832  
Depreciation and amortization   96,506       116,254       357,372       449,792  
Vessel impairments and other, net   -       38,148       76,783       39,455  
General and administrative expenses   57,144       54,610       184,722       193,686  
Legal settlements and other, net   (581 )     (3,454 )     4,585       (2,013 )
                               
Operating income   82,965       138,503       155,576       543,179  
                               
OTHER INCOME / (EXPENSES):                              
Interest and finance costs, net of interest income   (75,785 )     (87,679 )     (319,631 )     (398,875 )
Gain/ (loss) on interest rate swaps   (3,467 )     (7,683 )     8,373       (15,528 )
Other, net   (2,483 )     4,237       2,245       7,067  
Income taxes   (9,492 )     (35,950 )     (44,591 )     (77,823 )
Total other expenses, net   (91,227 )     (127,075 )     (353,604 )     (485,159 )
                               
Net income/(loss)   (8,262 )     11,428       (198,028 )     58,020  
                               
Net income attributable to Non controlling interests   (16,107 )     (35,425 )     (25,065 )     (105,532 )
                               
Net loss attributable to Dryships Inc. $ (24,369 )   $ (23,997 )   $ (223,093 )   $ (47,512 )
                               
Net loss attributable to Dryships Inc. common stockholders   (24,429 )     (24,161 )     (223,149 )     (48,209 )
Loss per common share, basic and diluted $ (0.06 )   $ (0.04 )   $ (0.58 )   $ (0.11 )
Weighted average number of shares, basic and diluted   388,083,468       586,693,626       384,063,306       456,031,628  
                               
                               
                               
DryShips Inc.
 
Unaudited Condensed Consolidated Balance Sheets
 
(Expressed in Thousands of U.S. Dollars)   December 31, 2013   December 31, 2014
             
ASSETS            
             
  Cash, cash equivalents and restricted cash (current and non-current)   $ 739,312   $ 658,936
  Other current assets     494,887     568,341
  Advances for vessels and drillships under construction and related costs     679,008     623,984
  Vessels, net     2,249,087     2,141,617
  Drilling rigs, drillships, machinery and equipment, net     5,828,231     6,259,747
  Other non-current assets     133,167     118,978
  Total assets     10,123,692     10,371,603
             
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
             
  Total debt     5,568,003     5,517,613
  Total other liabilities     723,991     563,602
  Total stockholders' equity     3,831,698     4,290,388
  Total liabilities and stockholders' equity   $ 10,123,692   $ 10,371,603
             
 

Adjusted EBITDA Reconciliation

Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, vessel impairments and other, dry-dockings and class survey costs and gains or losses on interest rate swaps. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is included herein because it is a basis upon which the Company measures its operations. Adjusted EBITDA is also used by our lenders as a measure of our compliance with certain covenants contained in our loan agreements and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness.

The following table reconciles net loss to Adjusted EBITDA:

                       
(Dollars in thousands) Three Months Ended December 31, 2013     Three Months Ended December 31, 2014     Year Ended December 31, 2013     Year Ended December 31, 2014  
                               
Net loss attributable to Dryships Inc $ (24,369 )   $ (23,997 )   $ (223,093 )   $ (47,512 )
                               
Add: Net interest expense   75,785       87,679       319,631       398,875  
Add: Depreciation and amortization   96,506       116,254       357,372       449,792  
Add: Dry-dockings and class survey costs   2,839       1,513       5,056       8,819  
Add: Impairment losses and other   -       38,148       76,783       39,455  
Add: Income taxes   9,492       35,950       44,591       77,823  
Add: Loss/(gain) on interest rate swaps   3,467       7,683       (8,373 )     15,528  
Add: Net income attributable to Non controlling interests   16,107       35,425       25,065       105,532  
Adjusted EBITDA $ 179,827     $ 298,655     $ 597,032     $ 1,048,312  
                               
                               

Conference Call and Webcast: February 26, 2015

As announced, the Company's management team will host a conference call on Thursday, February 26, 2015 at 9:00 a.m. Eastern Time to discuss the Company's financial results.

Conference Call Details

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from outside the US). Please quote "DryShips."

A replay of the conference call will be available until March 5, 2015. The United States replay number is 1(866) 247- 4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 55 00 00 and the access code required for the replay is: 2133051#.

A replay of the conference call will also be available on the Company's website at www.dryships.com under the Investor Relations section.

Slides and Audio Webcast

There will also be a simultaneous live webcast over the Internet, through the DryShips Inc. website (www.dryships.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About DryShips Inc.

DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 13 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships, 1 of which is scheduled to be delivered to Ocean Rig during 2015, 1 of which is scheduled to be delivered to Ocean Rig during 2016 and 2 of which are scheduled to be delivered during 2017. DryShips owns a fleet of 39 drybulk carriers, comprising 13 Capesize, 24 Panamax and 2 Supramax with a combined deadweight tonnage of approximately 4.3 million tons, and 10 tankers, comprising 4 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.3 million tons.

DryShips' common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "DRYS."

Visit the Company's website at www.dryships.com

Forward-Looking Statement

Matters discussed in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with such safe harbor legislation.

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 we believe 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, we 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 and drilling dayrates and drybulk vessel, drilling rig and drillship values, failure of a seller to deliver one or more drilling rigs, drillships or drybulk vessels, failure of a buyer to accept delivery of a drilling rig, drillship, or vessel, inability to procure acquisition financing, default by one or more charterers of our ships, changes in demand for drybulk commodities or oil, changes in demand that may affect attitudes of time charterers and customer drilling programs, scheduled and unscheduled drydockings and upgrades, changes in our operating expenses, including bunker prices, drydocking and insurance costs, changes in governmental rules and regulations 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, including the Company's most recently filed Annual Report on Form 20-F.

Contact Information

  • Investor Relations / Media:

    Nicolas Bornozis
    Capital Link, Inc. (New York)
    Tel. 212-661-7566
    E-mail: dryships@capitallink.com