Maple Valley News

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced on Jan. The company has entered into an agreement to cancel the previously announced acquisition of the 2005 built Panamax drybulk carrier M/V Maple Valley for a purchase price of $61m from an unrelated third party. In view of market conditions and following negotiations, the company and the seller have mutually agreed to cancel the Memorandum of Agreement to acquire the M/V Maple Valley in consideration of a payment of $8m to the seller and the seller’s retention of the $6.1m deposit that was previously paid. This cancellation will further reduce DryShips’ 2009 capital expenditures by $46.9m.