DRYSHIPS Financial & Operating Results for 2Q, 2014
DryShips Inc. 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 second quarter ended June 30, 2014. and diluted loss per share. compared to $112.3 million for the second quarter of 2013. $1.3 billion on that date. Consequently, an amount of $75 million which was previously restricted under the $1.35 billion facility was released to Ocean Rig. The new Term Loan B facility is secured primarily by first priority mortgages on the drillships, Ocean Rig Mylos, Ocean Rig Skyros and Ocean Rig Athena, bears interest at LIBOR plus a margin, and matures on July 25, 2021.
Ocean Rig in the Red Q3 2013 But Increase Drilling Revenues
International contractor of offshore deepwater drilling services, Ocean Rig, announce its unaudited financial and operating results for the third quarter ended September 30, 2013, reporting a net loss of $21.5 million, or $0.16 basic and diluted loss per share. However, Revenues from drilling contracts increased by $42.8 million to $328.5 million for the three-month period ended September 30, 2013, as compared to $285.7 million for the same period in 2012. Achieved 98.4% average fleet wide operating performance for the third quarter of 2013. On November 4, 2013, the Ocean Rig Mylos commenced drilling operations under the three year contract with Repsol Sinopec Brazil S.A.
Ocean Rig Updates on Financing, Newbuildings & Contracts
The Company announced that it has signed a supplemental agreement to amend certain provisions in its $1.35b Senior Secured Facility dated February 28, 2013. “We are pleased that our syndicate of commercial banks and export credit agencies agreed to our request to amend certain provisions in their facility. The Company announced that on August 20, 2013, it successfully took delivery of its newbuilding drillship the Ocean Rig Mylos. The Ocean Rig Mylos is the first in the series of three 7th Generation Ultra Deepwater Drillships the Company expects to take delivery in 2013. The drillship is currently mobilizing to offshore Brazil and is expected to commence drilling operations under the 3-year drilling contract with Repsol Sinopec Brasil S.A. by November 2013.
DryShips: Ocean Rig Financing, Fleet and Contract Developments
DryShips Inc., a global provider of marine transportation services for drybulk and petroleum cargos, through its majority owned subsidiary, Ocean Rig UDW Inc., an offshore deepwater drilling service company, made several company announcements. Ocean Rig announced that it has signed a supplemental agreement to amend certain provisions in its $1.35 billion Senior Secured Facility dated February 28, 2013. Under the terms of the agreement, the existing dividend restriction of up to 50% of preceding fiscal year net income will be amended to apply on a cumulative basis from July 1, 2013 onwards (50% of cumulative net income and 100% of cumulative losses) and include a carve-out to pay additional dividends up to the higher of $150m and 5% of the Ocean Rig's net tangible assets.
Deepwater Driller Ocean Rig 2012 Financial Reports
Ocean Rig UDW Inc international contractor of offshore deepwater drilling services reports unaudited losses in Q4 & year-end 2912 financial results. For the year ended 2012, the Company reported a net loss of $132.3 million, or $1.00 basic and diluted loss per share. ◦ Costs associated with the 10-year class survey for the Eirik Raude of $65.5 million, or $0.50 per share. Excluding the above items, the Company's net results would have amounted to a net loss of $66.8 million, or $0.50 per share. • The Company reported Adjusted EBITDA of $354.4 million for the year ended 2012, as compared to $387.9 million for the year ended 2011.
Ocean Rig Announces Financing, Contract Developments
The Company announced that it has received firm commitments from lenders for a $1.35 billion syndicated secured term loan to partially finance the construction costs of the Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena. This facility has a 5 year term, and approximately an 11 year repayment profile. The facility bears interest at LIBOR plus a margin. Lead banks are DNB Bank and Nordea Bank supported by several other commercial lenders. Also participating in this financing are export credit agencies Garanti-Instituttet for Eksportkreditt (GIEK), Export Credit Norway and the Import-Export Bank of Korea (KEXIM). This agreement is subject to definitive documentation which the Company expects to complete in the first quarter of 2013.
