DryShips Inc. Reports Financial and Operating Results for the Fourth Quarter 2012
http://media.marketwire.com/attachments/200506/213915_DryShips.jpghttp://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=993940&ProfileId=051205&sourceType=1ATHENS, GREECE -- (Marketwire) -- 03/06/13 -- DryShips Inc. (NASDAQ: DRYS), or DryShips or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the fourth quarter ended December 31, 2012.
Fourth Quarter 2012 Financial Highlights
- For the fourth quarter of 2012, the Company reported a net loss of $129.8 million, or $0.34 basic and diluted loss per share.
Included in the fourth quarter 2012 results are:
-- Costs associated with the 10-year class survey for the Eirik Raude of $43.9 million, or $0.12 per share;
-- Loss on the sale of the newbuilding tankers Esperona and Blanca, of $41.3 million, or $0.11 per share.
Excluding the above items, the Company's net results would have amounted to a net loss of $59.9 million, or $0.15 per share.(1)
- The Company reported Adjusted EBITDA of $109.5 million for the fourth quarter of 2012, as compared to $169.0 million for the fourth quarter of 2011.(2)
Year Ended December 31, 2012 Financial Highlights
- For the year ended 2012, the Company reported a net loss of $246.8 million, or $0.65 basic and diluted loss per share.
Included in the year ended 2012 results are:
-- Costs associated with the 10-year class survey for the Eirik Raude of $65.5 million, or $0.17 per share;
-- Loss on the sale of the newbuilding tankers Esperona and Blanca, of $41.3 million, or $0.11 per share.
Excluding the above items, the Company's net results would have amounted to a net loss of $162.8 million, or $0.43 per share.(1)
- The Company reported Adjusted EBITDA of $500.5 million for the year ended 2012, as compared to $600.9 million for the year ended 2011.(2)
(1) The net result is adjusted for the minority interests of 35% of Ocean Rig not owned by Dryships Inc. common stockholders as of December 31, 2012.
(2) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for reconciliation to net income.
Recent Events
-- On March 3, 2013, our customer European Hydrocarbons Limited, or European Hydrocarbons, unilaterally cancelled our drilling contract in West Africa for the Eirik Raude. Under the terms of the contract, European Hydrocarbons will have to reimburse the Company with an early termination payment of approximately $13 million plus accrued work performed to date.
-- On February 28, 2013, Ocean Rig signed definitive documentation for a $1.35 billion syndicated secured term loan facility to partially finance the construction costs of the newbuilding drillships Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena, scheduled for delivery in July 2013, October 2013 and November 2013, respectively. The facility has a five-year term and a repayment profile of approximately 11 years and bears interest at LIBOR plus a margin.
-- On February 14, 2013, Ocean Rig received a Letter of Award (LOA) from a major oil company for a three-year drilling contract offshore West Africa with an estimated backlog of approximately $680 million, including mobilization for the Ocean Rig Apollo, our newbuilding drillship scheduled for delivery in January 2015. The contract is scheduled to commence in the first quarter of 2015. The customer has the option to extend the contract for four periods of six months each, with the first option exercisable not less than one year before the estimated completion date. The Company has the option to elect the Ocean Rig Apollo or similar vessel, to drill under this contract. The contract is subject to definitive documentation and customary approvals.
-- On February 14, 2013, the Company completed a public offering of an aggregate of 7,500,000 common shares of Ocean Rig owned by DryShips. The Company received approximately $123.2 million of net proceeds from the public offering.
-- On February 1, 2013, Ocean Rig entered into a firm four-well program plus options, with Lukoil Overseas Sierra-Leone B.V., or Lukoil, for the Eirik Raude for drilling offshore West Africa. The contract has estimated duration of about 12 months and an estimated backlog of approximately $217 million, including mobilization and demobilization fees. This contract is scheduled to commence in the second half of 2013, following the completion of the drilling contract with ExxonMobil discussed below
-- On January 14, 2013, the Company sold, via novation, two of its tankers under construction at Samsung Heavy Industries Co. Ltd. Or Samsung, Esperona and Blanca, to a third party. Under the terms of the novation agreements the buyer assumed all rights, benefits and obligations under the shipbuilding contracts, in exchange for a cash consideration of $21.4 million paid by the Company to the buyer.
-- On January 9, 2013, Ocean Rig entered into a drilling contract with ExxonMobil Exploration and Production Ireland (Offshore) Limited, or ExxonMobil, for a one-well program for the Eirik Raude for drilling offshore Ireland. The contract has an estimated duration of up to six months and an estimated backlog of approximately $112 million, including mobilization and demobilization fees. The contract commenced on March 3, 2013, in direct continuation of the cancelled contract with European Hydrocarbons.
-- In December 2012, the Company reached an agreement with the lender under its $90.0 million Senior Secured Credit Facility dated October 5, 2007, as amended, and its $130.0 million Senior Secured Credit Facility dated March 13, 2008, as amended. Under the terms of these agreements, the lender has agreed to waive the Company's breaches of the value maintenance covenants until December 31, 2013 as well as to defer certain installments to maturity. In exchange, the Company has agreed to increase the pricing under the facility as well as provide a full cash sweep up to a certain point in time. In addition, the Company has agreed to provide a pledge over a portion of the Ocean Rig shares owned by DryShips which pledge will be automatically released on December 31, 2013. We estimate that the number of shares subject to this pledge will be approximately 7,600,000. These agreements are subject to definitive documentation which is expected to be completed by the end of the first quarter of 2013.
-- In December 2012, we reached an agreement with a far eastern shipyard for a $12.5 million sellers credit to the Company. This credit is repayable to the yard in one bullet repayment two years after date of drawdown and it bears interest at LIBOR plus 300 basis points per annum. The Company has agreed to provide a pledge of 1,602,500 shares in Ocean Rig that it owns, which pledge will be automatically released upon repayment of credit. This agreement is subject to definitive documentation, which is expected to be completed by the end of the first quarter of 2013.
George Economou, Chairman and Chief Executive Officer of the Company, commented:
"We continue to be bearish about the short-term performance of the shipping markets. Both tanker and drybulk spot charter rates continue to hover around historic lows. Unfortunately this comes at a time when most of our lucrative legacy charters expire.
As we have mentioned in previous quarters, low-cost financing for traditional shipping assets is generally less available than before and therefore the optimization of our newbuilding programs is our top priority right now. We sold our only two unfinanced tankers and eliminated approximately $100 million in CAPEX. With respect to our Drybulk newbuilding program in China, we are still in discussions with the shipyards in this respect to reduce and prolong our CAPEX program. This process was never going to be easy but we still believe a deal with a shipyard could be struck. Alternatively, we are seeing interest for our vessels in the S&P market.
Our shareholding in Ocean Rig has been our backstop. We recently sold down a portion of our holdings for approximately $120 million. This action was not a preferred option (especially at today's pricing levels) but it was necessary. In addition, we have pledged some of our Ocean Rig shares to our banks to remedy covenant breaches. We continue to be bullish about the prospects for Ocean Rig. The backlog currently stands at $5.1 billion over three years and provides Ocean Rig with substantial cash flow visibility and growth. Given strong industry fundamentals, we expect to further increase our already substantial backlog by entering into long-term contracts for remaining units."
Financial Review: 2012 Fourth Quarter
The Company recorded a net loss of $129.8 million, or $0.34 basic and diluted loss per share, for the three-month period ended December 31, 2012, as compared to a net loss of $6.2 million, or $0.02 basic and diluted earnings per share, for the three-month period ended December 31, 2011. Adjusted EBITDA was $109.5 million for the fourth quarter of 2012, as compared to $169.0 million for the same period in 2011.(3)
For the drybulk carrier segment, net voyage revenues (voyage revenues minus voyage expenses) amounted to $34.9 million for the three-month period ended December 31, 2012, as compared to $81.6 million for the three-month period ended December 31, 2011. For the offshore drilling segment, revenues from drilling contracts decreased by $7.9 million to $229.8 million for the three-month period ended December 31, 2012, as compared to $237.7 million for the same period in 2011. For the tanker segment, net voyage revenues amounted to $6.5 million for the three-month period ended December 31, 2012, as compared to $3.6 million for the same period in 2011.
Total vessels', drilling rigs' and drillships' operating expenses and total depreciation and amortization increased to $194.4 million and $84.8 million, respectively, for the three-month period ended December 31, 2012, from $119.6 million and $82.3 million, respectively, for the three-month period ended December 31, 2011. Total general and administrative expenses increased to $39.5 million in the fourth quarter of 2012 from $36.7 million during the comparative period in 2011.
Interest and finance costs, net of interest income, amounted to $53.5 million for the three-month period ended December 31, 2012, compared to $48.2 million for the three-month period ended December 31, 2011.
(3) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for a reconciliation to net income.
Fleet List
The table below describes our fleet profile as of March 4, 2013:
Gross
Year rate Redelivery
Built DWT Type Per day Earliest Latest
----- ------- -------- ------- -------- -------
Drybulk fleet
------------------------
Capesize:
Fakarava 2012 206,000 Capesize $25,000 Sept-15 Sept-20
Mystic 2008 170,040 Capesize $52,310 Aug-18 Dec-18
Robusto 2006 173,949 Capesize $26,000 Aug-14 Apr-18
Cohiba 2006 174,234 Capesize $26,250 Oct-14 Jun-19
Montecristo 2005 180,263 Capesize $23,500 May-14 Feb-19
Flecha 2004 170,012 Capesize $55,000 Jul-18 Nov-18
Manasota 2004 171,061 Capesize $30,000 Jan-18 Aug-18
Partagas 2004 173,880 Capesize $10,000 Jun-13 Aug-13
Alameda 2001 170,662 Capesize $27,500 Nov-15 Jan-16
Capri 2001 172,579 Capesize $10,000 Nov-13 Mar-14
Panamax:
Raraka 2012 76,037 Panamax $7,500 Jan-15 Mar-15
Woolloomooloo 2012 76,064 Panamax $7,500 Dec-14 Feb-15
Amalfi 2009 75,206 Panamax $39,750 Jul- 13 Sep- 13
Rapallo 2009 75,123 Panamax Spot N/A N/A
Catalina 2005 74,432 Panamax $40,000 Jun-13 Aug-13
Majorca 2005 74,477 Panamax Spot N/A N/A
Ligari 2004 75,583 Panamax Spot N/A N/A
Saldanha 2004 75,707 Panamax Spot N/A N/A
Sorrento 2004 76,633 Panamax $24,500 Aug-21 Dec-21
Mendocino 2002 76,623 Panamax Spot N/A N/A
Bargara 2002 74,832 Panamax Spot N/A N/A
Oregon 2002 74,204 Panamax $9,650 Sept-13 Nov-13
Ecola 2001 73,931 Panamax Spot N/A N/A
Samatan 2001 74,823 Panamax Spot N/A N/A
Sonoma 2001 74,786 Panamax Spot N/A N/A
Capitola 2001 74,816 Panamax Spot N/A N/A
Levanto 2001 73,925 Panamax Spot N/A N/A
Maganari 2001 75,941 Panamax Spot N/A N/A
Coronado 2000 75,706 Panamax Spot N/A N/A
Marbella 2000 72,561 Panamax Spot N/A N/A
Redondo 2000 74,716 Panamax $9,250 Sept-13 Nov-13
Topeka 2000 74,716 Panamax Spot N/A N/A
Ocean Crystal 1999 73,688 Panamax Spot N/A N/A
Helena 1999 73,744 Panamax Spot N/A N/A
Supramax:
Byron 2003 51,118 Supramax Spot N/A N/A
Galveston 2002 51,201 Supramax Spot N/A N/A
Gross
Year rate Redelivery
Built DWT Type Per day Earliest Latest
----- ------- -------- ------- -------- -------
Newbuildings
Capesize:
Newbuilding VLOC #5 2014 206,000 Capesize Spot N/A N/A
Newbuilding VLOC #2 2013 206,000 Capesize Spot N/A N/A
Newbuilding VLOC #3 2013 206,000 Capesize Spot N/A N/A
Newbuilding VLOC #4 2013 206,000 Capesize Spot N/A N/A
Newbuilding Capesize 1 2013 176,000 Capesize Spot N/A N/A
Newbuilding Capesize 2 2013 176,000 Capesize Spot N/A N/A
Panamax:
Newbuilding Ice -class
Panamax 1 2014 75,900 Panamax Spot N/A N/A
Newbuilding Ice -class
Panamax 2 2014 75,900 Panamax Spot N/A N/A
Newbuilding Ice -class
Panamax 3 2014 75,900 Panamax Spot N/A N/A
Newbuilding Ice -class
Panamax 4 2014 75,900 Panamax Spot N/A N/A
Tanker fleet
------------------------
Suezmax:
Bordeira 2013 158,300 Suezmax Spot N/A N/A
Petalidi 2012 158,300 Suezmax Spot N/A N/A
Lipari 2012 158,300 Suezmax Spot N/A N/A
Vilamoura 2011 158,300 Suezmax Spot N/A N/A
Aframax:
Alicante 2013 115,200 Aframax Spot N/A N/A
Mareta 2013 115,200 Aframax Spot N/A N/A
Calida 2012 115,200 Aframax Spot N/A N/A
Saga 2011 115,200 Aframax Spot N/A N/A
Daytona 2011 115,200 Aframax Spot N/A N/A
Belmar 2011 115,200 Aframax Spot N/A N/A
Drilling Rigs/Drillships:
Unit Year built Redelivery Operating area Backlog ($m)
-------------------- ---------- ---------- ------------------ ------------
Leiv Eiriksson 2001 Q1 - 16 Norway $627
Eirik Raude 2002 Q3 - 13 Ireland $112
Eirik Raude 2002 Q4 - 14 Sierra Leone, $217
Ghana, Ivory Coast
Ocean Rig Corcovado 2011 Q2 - 15 Brazil $357
Ocean Rig Olympia 2011 Q3 - 15 Ivory Coast, $517
Gabon, Angola
Ocean Rig Poseidon 2011 Q1 - 13 Africa $22
Ocean Rig Poseidon 2011 Q2 - 16 Angola $781
Ocean Rig Mykonos 2011 Q1 - 15 Brazil $330
Newbuildings
--------------------
Ocean Rig Mylos 2013 Q3 - 16 Brazil $680
Ocean Rig Skyros 2013 N/A N/A N/A
Ocean Rig Athena 2013 Q1 - 17 Angola $750
Ocean Rig Apollo 2015 Q1 - 18 West Africa $680 (1)
------------
Total $5,073
------------
(1) LOA is subject to definitive documentation.
Drybulk Carrier and Tanker Segment Summary Operating Data (unaudited)
(Dollars in thousands, except average daily results)
Drybulk Three Months Ended Year Ended
December 31, December 31,
---------------------- ----------------------
2011 2012 2011 2012
---------------------------- ---------- ---------- ---------- ----------
Average number of vessels(1) 36.1 36 35.8 35.7
Total voyage days for
vessels(2) 3,226 3,312 12,831 13,027
Total calendar days for
vessels(3) 3,325 3,312 13,068 13,056
Fleet utilization(4) 97.0% 100.0% 98.2% 99.8%
Time charter equivalent(5) $ 25,306 $ 10,547 $ 26,912 $ 15,896
Vessel operating expenses
(daily)(6) $ 7,007 $ 5,124 $ 6,271 $ 5,334
Tanker Three Months Ended Year Ended
December 31, December 31,
---------------------- ----------------------
2011 2012 2011 2012
---------------------------- ---------- ---------- ---------- ----------
Average number of vessels(1) 3.9 7.0 2.6 6.3
Total voyage days for
vessels(2) 362 644 963 2,293
Total calendar days for
vessels(3) 362 644 963 2,293
Fleet utilization(4) 100.0% 100.0% 100.0% 100.0%
Time charter equivalent(5) $ 10,077 $ 10,062 $ 12,592 $ 13,584
Vessel operating expenses
(daily)(6) $ 8,895 $ 6,781 $ 9,701 $ 7,195
(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
(2) Total voyage days for fleet are the total days the vessels were in our possession for the relevant period net of dry-docking days.
(3) Calendar days are the total number of days the vessels were in our possession for the relevant period including dry-docking days.
(4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
(5) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE revenues, a non-U.S. GAAP measure, provides additional meaningful information in conjunction with revenues from our vessels, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Please see below for a reconciliation of TCE rates to voyage revenues.
(6) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.
(In thousands of U.S. dollars, except for TCE rate, which is expressed in Dollars, and voyage days)
Drybulk Three Months Ended Year Ended
December 31, December 31,
---------------------- ---------------------
2011 2012 2011 2012
---------------------------- ---------- ---------- --------- ---------
Voyage revenues $ 86,621 $ 40,754 $ 365,361 $ 227,141
Voyage expenses (4,985) (5,821) (20,047) (20,064)
---------- --------- --------- ---------
Time charter equivalent
revenues $ 81,636 $ 34,933 $ 345,314 $ 207,077
---------- --------- --------- ---------
Total voyage days for fleet 3,226 3,312 12,831 13,027
Time charter equivalent
(TCE) rate $ 25,306 $ 10,547 $ 26,912 $ 15,896
Tanker Three Months Ended Year Ended
December 31, December 31,
---------------------- ---------------------
2011 2012 2011 2012
---------------------------- ---------- ---------- --------- ---------
Voyage revenues $ 3,903 $ 12,361 $ 12,652 $ 41,095
Voyage expenses (255) (5,881) (526) (9,948)
---------- --------- --------- ---------
Time charter equivalent
revenues $ 3,648 $ 6,480 $ 12,126 $ 31,147
---------- --------- --------- ---------
Total voyage days for fleet 362 644 963 2,293
Time charter equivalent
(TCE) rate $ 10,077 $ 10,062 $ 12,592 $ 13,584
Dryships Inc.
Financial Statements
Unaudited Condensed Consolidated Statements of Operations
(Expressed in
Thousands of U.S.
Dollars except for
share and per share Three Months Ended Year Ended
data) December 31, December 31,
-------------------------- --------------------------
2011 2012 2011 2012
------------ ------------ ------------ ------------
REVENUES:
Voyage revenues $ 90,524 $ 53,115 $ 378,013 $ 268,236
Revenues from
drilling contracts 237,658 229,751 699,649 941,903
----------- ----------- ----------- -----------
328,182 282,866 1,077,662 1,210,139
EXPENSES:
Voyage expenses 5,240 11,702 20,573 30,012
Vessel operating
expenses 26,517 21,337 91,289 86,139
Drilling rigs
operating expenses 93,056 173,092 281,833 563,583
Depreciation and
amortization 82,280 84,843 274,281 335,458
Vessel impairments
and other, net 27,142 41,517 116,779 42,518
General and
administrative
expenses 36,660 39,460 123,247 145,935
Legal settlements
and other - (5,912) - (9,360)
----------- ----------- ----------- -----------
Operating
income/(loss) 57,287 (83,173) 169,660 15,854
OTHER INCOME /
(EXPENSES):
Interest and finance
costs, net of
interest income (48,181) (53,456) (129,598) (205,925)
Gain/(loss) on
interest rate swaps 2,298 (4,582) (68,943) (54,073)
Other, net 1,441 (1,891) 9,023 (492)
Income taxes (9,872) (11,354) (27,428) (43,957)
----------- ----------- ----------- -----------
Total other expenses (54,314) (71,283) (216,946) (304,447)
----------- ----------- ----------- -----------
Net income/(loss) 2,973 (154,456) (47,286) (288,593)
Net income/(loss)
attributable to Non
controlling
interests (9,193) 24,608 (22,842) 41,815
----------- ----------- ----------- -----------
Net loss
attributable to
Dryships Inc. $ (6,220) $ (129,848) $ (70,128) $ (246,778)
=========== =========== =========== ===========
Loss per common
share, basic and
diluted $ (0.02) $ (0.34) $ (0.21) $ (0.65)
Weighted average
number of shares,
basic and diluted 375,495,260 380,179,472 355,144,764 380,159,088
Dryships Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in Thousands of U.S.
Dollars) December 31, 2011 December 31, 2012
------------------ ------------------
ASSETS
-------------------------------------
Cash and restricted cash (current
and non-current) $ 656,709 $ 720,458
Other current assets 246,169 338,446
Advances for vessels and rigs under
construction and acquisitions 1,027,889 1,201,807
Vessels, net 1,956,270 2,059,570
Drilling rigs, drillships,
machinery and equipment, net 4,587,916 4,446,730
Other non-current assets 146,736 111,480
----------------- -----------------
Total assets 8,621,689 8,878,491
================= =================
LIABILITIES AND STOCKHOLDERS' EQUITY
-------------------------------------
Total debt 4,241,835 4,386,715
Total other liabilities 441,192 623,757
Total stockholders' equity 3,938,662 3,868,019
----------------- -----------------
Total liabilities and stockholders'
equity $ 8,621,689 $ 8,878,491
================= =================
Adjusted EBITDA Reconciliation
Adjusted EBITDA represents net income before interest, taxes, depreciation and amortization, vessel impairments, dry-dockings and class survey costs and gains or losses on interest rate swaps. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is included herein because it is a basis upon which the Company measures its operations and efficiency. Adjusted EBITDA is also used by our lenders as a measure of our compliance with certain covenants contained in our loan agreements and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness.
The following table reconciles net income to Adjusted EBITDA:
(Dollars in Three Months Three Months
thousands) Ended Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
2011 2012 2011 2012
------------- ------------ ------------ -------------
Net loss $ (6,220) (129,848) (70,128) $ (246,778)
Add: Net interest
expense 48,181 53,456 129,598 205,925
Add: Depreciation
and amortization 82,280 84,843 274,281 335,458
Add: Impairment
losses and other 32,584 41,339 144,688 41,339
Add: Dry-dockings
and class survey
costs 4,643 43,745 26,135 66,506
Add: Income taxes 9,872 11,354 27,428 43,957
Add: Gain/(loss)
on interest rate
swaps (2,298) 4,582 68,943 54,073
------------- ------------ ------------ -------------
Adjusted EBITDA $ 169,042 109,471 600,945 $ 500,480
============= ============ ============ =============
Conference Call and Webcast: March 7, 2013
As announced, the Company's management team will host a conference call, on Thursday, March 7, 2013 at 9:00 a.m. Eastern Standard Time to discuss the Company's financial results.
Conference Call Details
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from outside the US). Please quote "DryShips."
A replay of the conference call will be available until March 14, 2013. The United States replay number is 1(866) 247- 4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 55 00 00 and the access code required for the replay is: 2133051#.
A replay of the conference call will also be available on the Company's website at www.dryships.com under the Investor Relations section.
Slides and Audio Webcast
There will also be a simultaneous live webcast over the Internet, through the DryShips Inc. website (www.dryships.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About DryShips Inc.
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 10 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 8 ultra deepwater drillships, 3 of which remain to be delivered to Ocean Rig during 2013 and 1 is scheduled for delivery during 2015. DryShips owns a fleet of 46 drybulk carriers (including newbuildings), comprising 12 Capesize, 28 Panamax, 2 Supramax and 4 newbuilding Very Large Ore Carriers (VLOC) with a combined deadweight tonnage of approximately 5.1 million tons, and 10 tankers, comprising 4 Suezmax and 6 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."
Visit the Company's website at www.dryships.com
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charterhire and drilling dayrates and drybulk vessel, drilling rig and drillship values, failure of a seller to deliver one or more drilling rigs, drillships or drybulk vessels, failure of a buyer to accept delivery of a drilling rig, drillship, or vessel, inability to procure acquisition financing, default by one or more charterers of our ships, changes in demand for drybulk commodities or oil, changes in demand that may affect attitudes of time charterers and customer drilling programs, scheduled and unscheduled drydockings and upgrades, changes in our operating expenses, including bunker prices, drydocking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by DryShips Inc. with the U.S. Securities and Exchange Commission.
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: dryships@capitallink.com