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NetworkNewsBreaks – DryShips, Inc. (NASDAQ: DRYS) Acquires Large Gas Carrier through Option Agreement; Delivery set for June 2017

Company: DryShips, Inc. (DRYS)
Category: News

DryShips (NASDAQ: DRYS) has exercised its first option under a previously announced option agreement to acquire one Very Large Gas Carrier (VLGC) currently under construction at Hyundai Heavy Industries (HHI) for a purchase price of $83.5 million. The VLGC will be employed on a fixed-rate time charter with five years’ firm duration to an oil major; the charterer has options to extend the firm employment period by up to three years. DryShips said it expects the total gross backlog associated with this time charter to be $54.0 million – or $92.7 million including the optional periods – with delivery of the vessel slated for June 2017. “We are very pleased to have declared our first option to purchase a high specification VLGC with long term employment to an oil major at above market rates. This acquisition allows us to deploy the Company’s available liquidity immediately and will be highly accretive to earnings and cash flow. This marks the first acquisition of the Company since the restructuring of its balance sheet and our first investment in the gas carrier segment which we believe has very positive long-term fundamentals,” DryShips CEO George Economou stated in the news release.

To view the full press release, visit: http://nnw.fm/4nIUy

About DryShips Inc.

The Company is an owner of drybulk carriers and offshore support vessels that operate worldwide. The Company owns a fleet of 13 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.0 million tons, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels. To learn more visit www.dryships.com.

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