Dryships Announces Signing Of $800 Million Loan Facility

Press Release
Monday, April 18, 2011

ATHENS, GREECE – April 18, 2011 - DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced the signing, by its majority-owned subsidiary Ocean Rig UDW Inc. (“Ocean Rig”), of the $800 million syndicated secured term loan facility to partially finance the construction costs of the Ocean Rig Corcovado and Olympia. This facility has a 5 year term and 12 year repayment profile, and bears interest at LIBOR plus a margin. The Lead Arrangers are Nordea Bank and ABN AMRO. Also participating in this financing is Garanti-Instituttet for Eksportkreditt (GIEK), Norway’s export credit agency, DVB Bank, Deutsche Bank and National Bank of Greece.

The Company concluded an order for two Capesize 176,000 DWT dry bulk carriers, with the leading state owned Chinese shipyard, for a price of $54.2 million each. The vessels are expected to be delivered in the third and the fourth quarter of 2012, respectively

George Economou, Chairman and CEO commented

We are pleased to announce the signing of this loan facility. Following the drawdown of this $800 million and the expected drawdown of the $495 million Deutsche Bank led facility for the Ocean Rig Poseidon, the current drillship newbuilding program will be fully funded. I would like to thank the participating banks for their continuing support.

 

Source: DryShips Inc.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Salamander Energy Updates on SONA Transaction

Salamander Energy said it has submitted a draft shareholder circular to the Financial Conduct Authority in relation to previously stated plans to divest of an interest in the Greater Bualuang Area.

Mitsubishi: First-Ever Licensing Deal to Chinese for Marine Propellers

Mitsubishi Heavy Industries Marine Machinery & Engine Co., Ltd. (MHI-MME), a group company of Mitsubishi Heavy Industries, Ltd. (MHI),  concluded a licensing agreement

Finance

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Continership Alliance Expands to US Trades

The CKYHE Alliance (COSCO, "K" LINE, Yang Ming, Hanjin Shipping, and Evergreen Line) has announced they will expand their cooperation scope to U.S. Trades

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1792 sec (6 req/sec)