OceanFreight Inc. Reports 2Q Results

(Press Release)
Wednesday, August 24, 2011

OceanFreight Inc. (NASDAQ: OCNF) announced for the three-month period ended June 30, 2011 the company reported a Net Loss of $1 million or $0.16 basic and diluted loss per share. Included in these results is a loss of $2.0 million associated with the sale of M/T Olinda.
Excluding this item, Net Income for the second quarter of 2011 would amount to $1 million or $0.16 cents basic and diluted earnings per share.
On July 20, 2011, the company received notice from the Nasdaq Stock market that the company regained compliance with the minimum bid price of $1.00 per share and the noncompliance matter is now closed. On July 26, 2011, it entered into a definitive agreement for DryShips Inc. to acquire the outstanding shares of the Company for a consideration per share of $19.85, consisting of $11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc. or $8.6 based on the last traded price as of July 25, 2011 of $16.44. Ocean Rig UDW Inc. is a global provider of offshore ultra deepwater drilling services that is 78% owned by DryShips. Under the terms of the transaction, the Ocean Rig shares are to be listed on the Nasdaq Global Select Market upon the closing of the merger.
Prof. John Liveris, the Chairman of the Company’s Board of Directors, commented: “The highlight of the most recent developments is OceanFreight’s merger with DryShips. This merger enables our shareholders to realize the value created from the significant repositioning of the company’s fleet and employment profile. This value unfortunately was not reflected in our stock price. Additionally, we are pleased to provide our shareholders with the opportunity to participate in
Ocean Rig, a growing company in the ultra deep water drilling sector. We believe that OceanFreight’s four-year journey in the public markets has reached a worthy homeport.”
Second Quarter 2011 Results

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