Dryships Inc. Further Reduces Capex
June 3, 2009. ATHENS, GREECE - DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced today that:
The Company has entered into agreements to cancel the previously announced acquisition of a 180,000 dwt Capesize newbuilding, Hull 2089, currently under construction in South Korea for a contract price of $114 million. Under the terms of the various agreements, DryShips will pay a total cancellation penalty of $42.8 million, including the initial deposit of 20%. This cancellation will further reduce DryShips’ 2009 capital expenditures by $71.2 million.
George Economou, Chairman and CEO commented:
“This cancellation reaffirms the Company’s strategy to cut down our CAPEX requirements. This cancellation is consistent with our continued position to evaluate all of our funding options which includes potential further capex reductions, fleet additions, equity issuances and debt placements.”
DryShips Inc., based in Greece, is an owner and operator of drybulk carriers that operate worldwide. As of the day of this release, DryShips owns a fleet of 42 drybulk carriers in the water comprising 7 Capesize, 29 Panamax, 3 Supramax and 4 newbuilding drybulk vessels with a combined deadweight tonnage of approximately 3.3 million tons, 2 ultra deep water semi-submersible drilling rigs and 4 ultra deep water newbuilding drillships. DryShips Inc.'s common stock is listed on the NASDAQ Global Select Market where it trades under the symbol “DRYS”.
DryShips Inc.