Dryships Updates on Sales & Purchases

Wednesday, March 04, 2009

DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced on March 3, the following updates with regards to the recent sales and purchase transactions:

M/V Paragon
DryShips previously entered into an agreement to sell the M/V Paragon, a 1995 built 71,259 dwt Panamax drybulk carrier, for a sale price of approximately $61m and has reached an agreement with the buyers whereby the price will be reduced to $30.8m. Delivery of the vessel took place earlier today and DryShips expects to recognize a gain of approximately $2.4m which will be recognized in the first quarter of 2009.

M/V La Jolla
DryShips previously entered into an agreement to sell the M/V La Jolla, a 1997 built Panamax drybulk carrier, for a sale price of $66m and has agreed to settle its dispute with the buyers in connection with buyers’ failure to take delivery under the relevant Memorandum of Agreement. Under the settlement agreement, DryShips has agreed to retain the vessel and has received aggregate compensation in the amount of $9m in respect of the cancellation.

M/V Toro
DryShips previously entered into an agreement with Samsun Logix Corporation, or Samsun, the buyers of the M/V Toro, a 1995 built 73,034 dwt Panamax drybulk carrier, to sell the vessel at a reduced price of $36m. The buyers were obligated to remit an additional deposit of $1.5m. The Company received notice from Samsun that it filed for receivership. Following Samsun’s failure to pay the additional deposit, DryShips has commenced arbitration proceedings against Samsun claiming compensation for the difference between the current market price and the original contract price of $63.4m pursuant to the terms of the agreement with Samsun.

DryShips Inc., based in Greece, is an owner and operator of drybulk carriers that operate worldwide. As of March 3, DryShips owned a fleet of 42 drybulk carriers comprising 7 Capesize, 28 Panamax, 2 Supramax and 5 newbuilding drybulk vessels with a combined deadweight tonnage of about 3.4 million tons, 2 ultra deep water semisubmersible drilling rigs and 2 ultra deep water newbuilding drillships.


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