George Economou, Chairman and Chief Executive Officer of the Company commented:
“Drybulk shipping rates and ship values have increased recently and we believe this trend will continue particularly in the larger asset classes. Given the improved market backdrop, we believe this is an opportune time to flexibly access the equity capital mark ets to reduce some or all of our funding needs through 2014 that we currently estimate at $150 million. In addition, we are nearing agreements with certain banking syndicates to reduce our debt service payments over the next year and adjust certain financial covenants. Finally, we are pleased to report that Ocean Rig continues to improve its level of performance. Preliminary data for the third quarter of 2013 indicates that the Ocean Rig fleet operated at a 98.5% operating efficiency on available for drilling days, which is a record for Ocean Rig.’’
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is being made by means of a prospectus and related prospectus supplement. A prospectus supplement related to the offering has been filed with the Securities and Exchange Commission.
DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 11 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 9 ultra deepwater drillships, two of which are scheduled to be delivered to the Company during 2013 and two of which are scheduled to be delivered during 2015. DryShips owns a fleet of 42 drybulk carriers (including newbuildings), comprising 12 Capesize, 28 Panamax and 2 Supramax, with a combined deadweight tonnage of about 4.4 million tons, and 10 tankers, comprising 6 Suezmax and 4 Aframax, with a combined deadweight tonnage of over 1.3 million tons.
DryShips’ common stock is listed on the Nasdaq Global Select Market where it trades under the symbol “DRYS.”
DryShips Inc. press release