NetworkNewsBreaks – DryShips, Inc. (NASDAQ: DRYS) Exercises Second Option to Purchase Very Large Gas Carrier for $83.5M

DryShips (NASDAQ: DRYS) said it has exercised its second option under a previously announced option agreement with Hyundai Heavy Industries Co., Ltd. (HHI) to acquire up to four Very Large Gas Carriers (VLGCs) for $83.5 million. Approximately 25% of the purchase price will be paid on closing, expected within March 2017. The remaining balance will be paid in installments until the vessel’s delivery, which is currently under construction at HHI. The VLGC will be employed on a fixed rate time charter with five years firm duration to an oil major, and the charterer has options to extend the firm employment period by up to three years. DryShips expects the total gross backlog associated with this time charter to be $54.0 million, or $92.7 million including the optional periods, and expects to take delivery of the vessel in September 2017. “We are very pleased to have declared our second option to purchase a high specification VLGC with long term employment to an oil major at above market rates. This second investment in the gas carrier segment marks our confidence to the expected positive long-term fundamentals of the gas market and allows us to deploy the company’s available liquidity immediately,” chairman and CEO George Economou stated in the news release.

To view the full press release, visit: http://nnw.fm/1uPbC

About DryShips Inc.

DryShips Inc. is a diversified owner of ocean going cargo 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, 1 Very Large Gas Carrier newbuilding, 1 Very Large Crude Carrier and 1 Aframax tanker newbuilding, each of which are expected to be delivered in the second quarter of 2017 and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels. For more information, visit the company’s website at www.dryships.com.

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