DRYSHIPS ANNOUNCES SIGNING OF $800 MILLION LOAN FACILITY BY OCEAN RIG UDW INC. AND FLEET EXPANSION
News Release
DryShips Inc.
April 18, 2011
ATHENS, GREECE – April 18, 2011 - DryShips Inc. (NASDAQ: DRYS) (the “Company” or
“DryShips”), a global provider of marine transportation services for drybulk and petroleum
cargoes and off-shore contract drilling oil services, announced the signing, by its majority-owned
subsidiary Ocean Rig UDW Inc. (“Ocean Rig”), of the $800 million syndicated secured term loan
facility to partially finance the construction costs of the Ocean Rig Corcovado and Olympia. This
facility has a 5 year term and 12 year repayment profile, and bears interest at LIBOR plus a
margin. The Lead Arrangers are Nordea Bank and ABN AMRO. Also participating in this
financing is Garanti-Instituttet for Eksportkreditt (GIEK), Norway’s export credit agency, DVB
Bank, Deutsche Bank and National Bank of Greece.
The Company concluded an order for two Capesize 176,000 DWT dry bulk carriers, with the
leading state owned Chinese shipyard, for a price of $54.2 million each. The vessels are expected
to be delivered in the third and the fourth quarter of 2012, respectively
George Economou, Chairman and CEO commented
We are pleased to announce the signing of this loan facility. Following the drawdown of
this $800 million and the expected drawdown of the $495 million Deutsche Bank led
facility for the Ocean Rig Poseidon, the current drillship newbuilding program will be
fully funded. I would like to thank the participating banks for their continuing support.
About DryShips
DryShips Inc., based in Greece, is an owner of drybulk carriers and tankers that operate
worldwide. Through its majority owned subsidiary, Ocean Rig UDW, Inc., DryShips owns and
operates 6 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater
semisubmersible drilling rigs and 4 ultra deepwater drillships, 2 of which remain to be delivered
to the company during 2011. As of the day of this release, DryShips owns a fleet of 40 drybulk
carriers (including newbuildings), comprising 9 Capesize, 29 Panamax and 2 Supramax, with a
combined deadweight tonnage of about 3.8 million tons, and 12 tankers (including newbuildings),
comprising 6 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.6 million
tons.
DryShips’ common stock is listed on the NASDAQ Global Select Market where it trades under
the symbol “DRYS.”
“DryShips”), a global provider of marine transportation services for drybulk and petroleum
cargoes and off-shore contract drilling oil services, announced the signing, by its majority-owned
subsidiary Ocean Rig UDW Inc. (“Ocean Rig”), of the $800 million syndicated secured term loan
facility to partially finance the construction costs of the Ocean Rig Corcovado and Olympia. This
facility has a 5 year term and 12 year repayment profile, and bears interest at LIBOR plus a
margin. The Lead Arrangers are Nordea Bank and ABN AMRO. Also participating in this
financing is Garanti-Instituttet for Eksportkreditt (GIEK), Norway’s export credit agency, DVB
Bank, Deutsche Bank and National Bank of Greece.
The Company concluded an order for two Capesize 176,000 DWT dry bulk carriers, with the
leading state owned Chinese shipyard, for a price of $54.2 million each. The vessels are expected
to be delivered in the third and the fourth quarter of 2012, respectively
George Economou, Chairman and CEO commented
We are pleased to announce the signing of this loan facility. Following the drawdown of
this $800 million and the expected drawdown of the $495 million Deutsche Bank led
facility for the Ocean Rig Poseidon, the current drillship newbuilding program will be
fully funded. I would like to thank the participating banks for their continuing support.
About DryShips
DryShips Inc., based in Greece, is an owner of drybulk carriers and tankers that operate
worldwide. Through its majority owned subsidiary, Ocean Rig UDW, Inc., DryShips owns and
operates 6 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater
semisubmersible drilling rigs and 4 ultra deepwater drillships, 2 of which remain to be delivered
to the company during 2011. As of the day of this release, DryShips owns a fleet of 40 drybulk
carriers (including newbuildings), comprising 9 Capesize, 29 Panamax and 2 Supramax, with a
combined deadweight tonnage of about 3.8 million tons, and 12 tankers (including newbuildings),
comprising 6 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.6 million
tons.
DryShips’ common stock is listed on the NASDAQ Global Select Market where it trades under
the symbol “DRYS.”