Dryships Report Q3 2013 Net Loss Despite EBITDA Growth

MarineLink.com
Monday, November 04, 2013

Drybulk and petroleum cargo transportation company, DryShips, & through its majority owned subsidiary, Ocean Rig, of offshore deepwater drilling services, announce its unaudited financial and operating results for the third quarter ended September 30, 2013.

The Company reported Adjusted EBITDA of $183.6 million for the third quarter of 2013, as compared to $141.0 million for the third quarter of 2012.

For the third quarter of 2013, the Company reported a net loss of $63.9 million, or $0.17 basic and diluted loss per share. Included in the third quarter 2013 results are non-cash write offs and breakage costs associated with the full repayment of Ocean Rig's $800.0 million secured term loan agreement and the two $495.0 million senior secured credit facilities totaling $61.1million or $0.16 per share. Excluding this, the Company’s net results would have amounted to a net loss of $27.6 million, or $0.07 per share.

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

“We are pleased to announce the recently-signed agreement with the banking syndicate led by HSH. Earlier this year, we accelerated our discussions with our lenders to lower our upcoming debt service requirements and concluded an agreement with a lender to, among other things, defer certain principal installments until maturity.

This new agreement allows us to use $55 million of restricted cash on our balance sheet to prepay scheduled principal installments, thereby reducing our capital costs during 2014 by $55 million. Furthermore, this new agreement has certain other beneficial clauses including the relaxation of certain financial covenants. This transaction highlights the high degree of trust shown in us by financial institutions who I believe are now starting to recognize borrowers that have navigated the market downturn.
 

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