ATHENS, Greece, May 29, 2018 (GLOBE NEWSWIRE) -- DryShips Inc. (NASDAQ:DRYS) (“DryShips” or the “Company”), a
diversified owner and operator of ocean going cargo vessels, today announced that it has agreed to acquire one 2013-built
Newcastlemax drybulk carrier and one 2017-built Suezmax tanker, each constructed in China.
The vessels will be acquired from entities that may be deemed to be affiliates of Mr. George Economou, the
Company’s Chairman and Chief Executive Officer, for an aggregate purchase price of $93.8 million, including the associated bank
debt of $50.3 million. The transaction remains subject to documentation and customary closing conditions, and is expected to close
in June 2018.
The purchase price was determined based on the average fair market value of each vessel as determined by
independent third party broker valuations and the transaction was approved by the independent directors of the Company’s board of
directors.
About DryShips Inc.
The Company is a diversified owner and operator of ocean going cargo vessels that operate worldwide. As of May 29, 2018, the
Company operates a fleet of 34 vessels comprising of (i) 11 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (iii) 5
Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Aframax tankers; (vi) 1 Suezmax tanker; (vii) 4 Very Large Gas
Carriers; and (viii) 6 Offshore Support Vessels, including 2 Platform Supply and 4 Oil Spill Recovery Vessels.
DryShips’ common stock is listed on the NASDAQ Capital Market where it trades under the symbol “DRYS.”
Visit the Company’s website at www.dryships.com
Forward-Looking Statement
Matters discussed in this press release may constitute forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to provide prospective information about their business. The Company
desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including
this cautionary statement in connection with such safe harbor legislation.
Forward-looking statements reflect the Company’s 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 press 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 the
Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable
when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or
impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these
expectations, beliefs or projections.
Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the
forward-looking statements include the factors related to spin-off of the Company’s gas business, the strength of world economies
and currencies, general market conditions, including changes in charter rates, utilization of vessels and vessel values, failure of
a seller or shipyard to deliver one or more vessels, failure of a buyer to accept delivery of a vessel, the Company’s inability to
procure acquisition financing, default by one or more charterers of the Company’s ships, changes in demand for drybulk, oil or
natural gas commodities, changes in demand that may affect attitudes of time charterers, scheduled and unscheduled drydockings,
changes in the Company’s voyage and operating expenses, including bunker prices, dry-docking and insurance costs, changes in
governmental rules and regulations, changes in the Company’s relationships with the lenders under its debt agreements, potential
liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping
routes due to accidents, international hostilities and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by DryShips Inc. with the Securities and Exchange Commission,
including the Company’s most recently filed Annual Report on Form 20-F.
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: dryships@capitallink.com
![Primary Logo](https://resource.globenewswire.com/Resource/Download/2cfc258b-f7ad-4207-9451-7a63c45eb37f?size=1)
![](http://www.globenewswire.com/newsroom/ti?ndecode=NzA2MzkjNzI5NDgzMQ==)