DryShips Nets $ 820 Mln 3Q Loss

DryShips or the Company, an international owner of drybulk carriers and offshore support vessels, today announced its unaudited financial
and operating results for the third quarter ended September 30, 2015.

Third Quarter 2015 Financial Highlights

 For the third quarter of 2015, the Company reported a net loss of $820.0 million, or $1.23 basic and diluted loss per share.

Included in the third quarter 2015 results are impairment charges and loss on sales on the entire drybulk fleet, of $797.5 million, or $1.20 per share.

Excluding these impairment charges and losses, the Company’s net results would have amounted to a net loss of $22.5 million, or $0.03 per share.

 The Company reported Adjusted EBITDA of $30.1 million for the third quarter of 2015.

Recent Highlights

- As of December 7, 2015, the Company has delivered all of its tanker vessels and 13 drybulk vessels to their new owners under the previously disclosed sales agreements for 10 tanker vessels and 17 drybulk vessels.

- As of November 24, 2015, the Company has acquired a 100% equity stake in Nautilus OffShore Services Inc. (“Nautilus”). Nautilus owns six offshore supply vessels on time charter to Petrobras.

- On November 2, 2015, the Company concluded two Memoranda of Agreement to sell its two Supramax vessels, the Byron and the Galveston, for an aggregate sales price of $12.3 million. The vessels were delivered to their new owners during November 2015.

- On October 21, 2015, as amended on November 11, 2015, the Company entered into a secured revolving credit facility of up to $60 million with an entity controlled by Mr. George Economou. The loan is secured by the shares that the Company holds in Ocean Rig UDW Inc. (“Ocean Rig”) and in Nautilus, and by a first priority mortgage over one Panamax drybulk carrier. The loan has a tenor of three years and both the lenders and the borrowers have certain conversion rights.

- On October 13, 2015, the Company received an additional 180-day grace period to regain compliance with the Nasdaq's minimum bid price requirement, which will end on April 11, 2016. The Company has provided written notice of its intention to cure the minimum bid price deficiency during the second grace period by effecting a reverse stock split, if necessary.