Dryships Sells Panamax ‘at 10% premium’

 DryShips Inc. (NASDAQ:DRYS), or the Company, an international, owner of drybulk carriers and offshore support vessels, today announced that it has sold the 2002 built Panamax drybulk carrier MV Oregon.

The vessel MV Oregon, along with the associated bank debt, was sold to an entity controlled by the Company’s Chairman and CEO, Mr. George Economou. The vessel was sold for a 10% premium to fair market value, as supported by independent third party broker valuations.

Following this transaction, the current outstanding balance under the Company’s Senior Secured Revolving Facility Agreement (“Revolver”) has been increased to $10.8 million.