DryShips Appoints Advisors for Economou Offer

Maritime Activity Reports, Inc.

July 9, 2019

The dry bulk shipping company  DryShips has appointed financial and legal advisors to help its board members consider George Economou’s non-binding takeover proposal.

The Greek ship owner and operator said in media release that its Chairman and Chief Executive Officer, George Economou, has retained Evercore as its financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor.

It also have appointed a special committee which is comprised of the independent and disinterested directors: George Kokkodis (Chair), Andreas Argyropoulos and George Demathas.

The special committee is considering and evaluating the Proposal, and no decisions have been made with respect to the special committee’s response to the proposal.  There can be no assurance that any definitive agreement will be finalized and executed or that the Proposal or any other transaction will be approved or consummated.  
DryShips Inc. is a diversified owner and operator of ocean going cargo vessels that operate worldwide.

As of July 8, 2019, DryShips Inc. operates a fleet of 32 vessels consisting of (i) 6 Panamax drybulk vessels; (ii) 9 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 3 Aframax tankers; (vi) 2 Suezmax tankers; and (vii) 6 Offshore Support Vessels, including 2 Platform Supply and 4 Oil Spill Recovery Vessels.

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