DryShips Inc. Reports Financial and Operating Results for the Third Quarter 2013

Marketwired

ATHENS, GREECE--(Marketwired - Nov 4, 2013) - 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 third quarter ended September 30, 2013.

Third Quarter 2013 Financial Highlights

  • For the third quarter of 2013, the Company reported a net loss of $63.9 million, or $0.17 basic and diluted loss per share.

    Included in the third quarter 2013 results are:

    - Non-cash write offs and breakage costs associated with the full repayment of Ocean Rig's $800.0 million secured term loan agreement and the two $495.0 million senior secured credit facilities totaling $61.1million or $0.16 per share.

    Excluding the above item, the Company's net results would have amounted to a net loss of $27.6 million, or $0.07 per share. (1)

  • The Company reported Adjusted EBITDA of $183.6 million for the third quarter of 2013, as compared to $141.0 million for the third quarter of 2012. (2)

Recent Highlights

  • On November 4, 2013, the Ocean Rig Mylos, commenced drilling operations under the three year contract with Repsol Sinopec Brazil S.A. 

  • On October 30, 2013, the Company signed a Firm Summary of Terms and Conditions with HSH Nordbank, as Agent, for an amendment of certain terms under the Company's $628.8 million Senior and Junior loan agreements dated March 31, 2006, as amended. Under the terms of this agreement, the lending syndicate led by HSH has agreed to apply the currently-pledged restricted cash of $55 million against the next five quarterly installments. In addition the lending syndicate has agreed to relax various financial covenants up till the end of 2014. This agreement is subject to definitive documentation which we expect to complete by the end of November 2013.

  • Our subsidiary, Ocean Rig, achieved 98.4% average fleet wide operating performance for the third quarter of 2013.

  • The deliveries of the newbuildings Ocean Rig Skyros and Ocean Rig Athena are rescheduled for January 2014 and February 2014 respectively, due to the late delivery of third party and sub-supplier equipment.

  • On October 29, 2013, Ocean Rig agreed with a major oil company to extend for 60 days the expiration of the previously announced Letter of Award for our ultra deepwater drillship Ocean Rig Skyros.

  • On October 4, 2013, the Company entered into a sales agreement with Evercore Group L.L.C., in connection with an at-the-market offering for up to $200 million of the Company's common shares. During October 2013, 5,891,234 common shares were issued and sold at an average share price of $3.51 per share pursuant to the at-the-market offering, resulting in net proceeds of $20.2 million, after deducting commissions.

George Economou, Chairman and Chief Executive Officer of the Company, commented:

"We are pleased to announce the recently-signed agreement with the banking syndicate led by HSH. Earlier this year, we accelerated our discussions with our lenders to lower our upcoming debt service requirements and concluded an agreement with a lender to, among other things, defer certain principal installments until maturity. This new agreement allows us to use $55 million of restricted cash on our balance sheet to prepay scheduled principal installments, thereby reducing our capital costs during 2014 by $55 million. Furthermore, this new agreement has certain other beneficial clauses including the relaxation of certain financial covenants. This transaction highlights the high degree of trust shown in us by financial institutions who I believe are now starting to recognize borrowers that have navigated the market downturn.

"We are satisfied with the interim results of our at-the-market equity offering, which was designed to be funded on an opportunistic basis. Accordingly, we have sold approximately 5.9 million shares at an average price of $3.51 per share resulting in net proceeds of approximately $20.2 million. Going forward we intend to continue to fund this on an opportunistic basis.

"The drybulk market continues its recovery lately in the larger asset classes and as a result, asset prices across the board are rising. We are cautiously optimistic, expecting a sustainable recovery in 2014 and beyond and believe DryShips is well positioned to take advantage of the ensuing recovery in charter rates in the drybulk and tanker sectors. As far as the offshore drilling outlook is concerned, we are pleased with Ocean Rig's solid results for the quarter. As the largest shareholder in Ocean Rig, we believe it is optimally positioned in the ultra-deepwater drilling market and we continue to be positive about the prospects for Ocean Rig, whose contract backlog currently stands at approximately $5.8 billion."

Financial Review: 2013 Third Quarter

The Company recorded a net loss of $63.9 million, or $0.17 basic and diluted loss per share, for the three-month period ended September 30, 2013 as compared to a net loss of $51.3 million, or $0.13 basic and diluted loss per share, for the three-month period ended September 30, 2012. Adjusted EBITDA was $183.6 million for the third quarter of 2013, as compared to $141.0 million for the same period in 2012.(3)

For the drybulk carrier segment, net voyage revenues (voyage revenues minus voyage expenses) amounted to $37.4 million for the three-month period ended September 30, 2013, as compared to $41.1 million for the three-month period ended September 30, 2012. For the tanker segment, net voyage revenues amounted to $14.5 million for the three-month period ended September 30, 2013, as compared to $9.0 million for the same period in 2012. For the offshore drilling segment, revenues from drilling contracts increased by $42.8 million to $328.5 million for the three-month period ended September 30, 2013, as compared to $285.7 million for the same period in 2012.

Total vessels', drilling rigs' and drillships' operating expenses and total depreciation and amortization decreased to $155.6 million and increased to $92.4 million, respectively, for the three-month period ended September 30, 2013, from $181.1 million and $84.6 million, respectively, for the three-month period ended September 30, 2012. Total general and administrative expenses increased to $54.1 million in the third quarter of 2013, from $35.3 million during the comparative period in 2012.

Interest and finance costs, net of interest income, amounted to $131.0 million for the three-month period ended September 30, 2013, compared to $51.9 million for the three-month period ended September 30, 2012.

(1) The net result is adjusted for the minority interests of 40.56% not owned by Dryships Inc. common stockholders.
(2) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for reconciliation to net income.
(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 and drilling contract backlog as of October 31, 2013:

                         
    Year
Built
 
DWT
 
Type
  Gross rate
Per day
  Redelivery
Earliest
 
Latest
Drybulk fleet                        
                         
Capesize:                        
Rangiroa   2013   206,000   Capesize   $23,000   Apr-18   Nov-23
Negonego   2013   206,000   Capesize   $21,500   Mar-20   Feb-28
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   $11,500   Jun-14   Oct-14
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   Spot   N/A   N/A
Rapallo   2009   75,123   Panamax   T/C Index linked   Jul-16   Sep-16
Catalina   2005   74,432   Panamax   Spot   N/A   N/A
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   T/C Index linked   Sep-16   Nov-16
Bargara   2002   74,832   Panamax   T/C Index linked   Sep-16   Nov-16
Oregon   2002   74,204   Panamax   Spot   N/A   N/A
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   T/C Index linked   Aug-16   Oct-16
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   Spot   N/A   N/A
Topeka   2000   74,716   Panamax   $8,450   Oct-13   Dec-13
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
                         
                         
     Year Built/or
Scheduled Delivery
 
DWT
 
Type
 
Gross rate
Per day
   Redelivery
Earliest
  Latest
Newbuildings                        
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/ or Scheduled Delivery   Redelivery   Operating area   Backlog ($m)
                 
Leiv Eiriksson   2001   Q2 - 16   Norway    $489
Eirik Raude   2002   Q3 - 14   Sierra Leone, Ivory Coast   $229
Ocean Rig Corcovado   2011   Q2 - 15   Brazil   $253
Ocean Rig Olympia   2011   Q3 - 15   Gabon, Angola   $378
Ocean Rig Poseidon   2011   Q2 - 16   Angola   $660
Ocean Rig Mykonos   2011   Q1 - 15   Brazil   $227
Ocean Rig Mylos   2013   Q3 - 16   Brazil   $667
Newbuildings                
Ocean Rig Skyros (Expected delivery Jan. 2014)   2014   Q4 - 14   Angola   $187
        Q4 - 20   Angola   $1,266(1)
Ocean Rig Athena (Expected delivery Feb. 2014)   2014   Q1 - 17   Angola   $752
Ocean Rig Apollo (Expected delivery Jan. 2015)   2015   Q1 - 18   Congo   $670
Newbuilding TBN   2015   N/A   N/A   N/A
Optional Newbuilding   2016   N/A   N/A   N/A
Total               $5,778
                 
                 

(1) Letter of Award is subject to definitive documentation and other approvals.

Drybulk Carrier and Tanker Segment Summary Operating Data (unaudited)

(Dollars in thousands, except average daily results)

             
Drybulk   Three Months Ended September 30,     Nine Months Ended September 30,  
    2012     2013     2012     2013  
Average number of vessels(1)     35.2       38.0       35.6       36.9  
Total voyage days for vessels(2)     3,233       3,464       9,715       10,030  
Total calendar days for vessels(3)     3,241       3,496       9,744       10,064  
Fleet utilization(4)     99.8 %     99.1 %     99.7 %     99.7 %
Time charter equivalent(5)   $ 12,727     $ 10,796     $ 17,719     $ 11,640  
Vessel operating expenses (daily)(6)   $ 5,248     $ 5,904     $ 5,405     $ 5.638  
                                 
                                 
Tanker  
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
    2012     2013     2012     2013  
Average number of vessels(1)     7.0       10.0       6.0       9.8  
Total voyage days for vessels(2)     644       920       1,649       2,678  
Total calendar days for vessels(3)     644       920       1,649       2,678  
Fleet utilization(4)     100 %     100 %     100 %     100 %
Time charter equivalent(5)   $ 13,978     $ 15,802     $ 14,959     $ 12,879  
Vessel operating expenses (daily)(6)   $ 6,205     $ 6,624     $ 7,357     $ 7,333  
                                 

(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 September 30,     Nine Months Ended September 30,  
    2012     2013     2012     2013  
Voyage revenues   $ 46,881     $ 44,206     $ 186,388     $ 138,003  
Voyage expenses     (5,733 )     (6,808 )     (14,244 )     (21,256 )
Time charter equivalent revenues   $ 41,148     $ 37,398     $ 172,144     $ 116,747  
Total voyage days for fleet     3,233       3,464       9,715       10,030  
Time charter equivalent TCE   $ 12,727     $ 10,796     $ 17,719     $ 11,640  
                                 
                                 
Tanker   Three Months Ended September 30,     Nine Months Ended September 30,  
    2012     2013     2012     2013  
Voyage revenues   $ 11,096     $ 32,222     $ 28,733     $ 87,867  
Voyage expenses     (2,094 )     (17,684 )     (4,066 )     (53,378 )
Time charter equivalent revenues   $ 9,002     $ 14,538     $ 24,667     $ 34,489  
Total voyage days for fleet     644       920       1,649       2,678  
Time charter equivalent TCE   $ 13,978     $ 15,802     $ 14,959     $ 12,879  
                                 
                                 
   
Dryships Inc.  
   
Financial Statements  
Unaudited Condensed Consolidated Statements of Operations  
   
(Expressed in Thousands of U.S. Dollars
except for share and per share data)
 
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
    2012     2013     2012     2013  
                                 
REVENUES:                                
Voyage revenues   $ 57,977     $ 76,428     $ 215,121     $ 225,870  
Service revenues, net     285,662       328,513       712,152       834,792  
      343,639       404,941       927,273       1,060,662  
                                 
EXPENSES:                                
Voyage expenses     7,827       24,492       18,310       74,634  
Vessel operating expenses     21,006       26,735       64,802       76,378  
Drilling rigs operating expenses     160,098       128,906       390,490       366,646  
Depreciation and amortization     84,580       92,448       250,615       260,866  
Vessel impairments and other, net     38       -       1,001       76,783  
General and administrative expenses     35,331       54,144       106,475       127,578  
Legal settlements and other, net     (1,842 )     (224 )     (3,448 )     5,166  
                                 
Operating income     36,601       78,440       99,028       72,611  
                                 
OTHER INCOME / (EXPENSES):                                
Interest and finance costs, net of interest income     (51,923 )     (130,976 )     (152,468 )     (243,846 )
Gain/ (Loss) on interest rate swaps     (27,777 )     (11,638 )     (49,491 )     11,840  
Other, net     (1,177 )     2,039       1,399       4,728  
Income taxes     (10,975 )     (10,524 )     (32,603 )     (35,099 )
Total other expenses, net     (91,852 )     (151,099 )     (233,163 )     (262,377 )
                                 
Net loss     (55,251 )     (72,659 )     (134,135 )     (189,766 )
                                 
Net income/ (loss) attributable to Non controlling interests     3,980       8,780       17,207       (8,958 )
                                 
Net loss attributable to Dryships Inc.   $ (51,271 )   $ (63,879 )   $ (116,928 )   $ (198,724 )
                                 
Loss per common share, basic and diluted   $ (0.13 )   $ (0.17 )   $ (0.31 )   $ (0.52 )
Weighted average number of shares, basic and diluted     380,152,244       382,809,418       380,152,244       382,708,526  
                                 
                                 
 
Dryships Inc.
 
Unaudited Condensed Consolidated Balance Sheets
 
(Expressed in Thousands of U.S. Dollars)   December 31, 2012   September 30, 2013
             
ASSETS            
             
  Cash, cash equivalents and restricted cash (current and non-current)   $ 720,458   $ 678,564
  Other current assets     338,446     415,516
  Advances for vessels and drillships under construction and related costs     1,201,807     979,113
  Vessels, net     2,059,570     2,279,960
  Drilling rigs, drillships, machinery and equipment, net     4,446,730     5,093,044
  Other non-current assets     111,480     131,152
  Total assets     8,878,491     9,577,349
             
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
             
             
  Total debt     4,386,715     5,205,511
  Total other liabilities     623,757     558,600
  Total stockholders' equity     3,868,019     3,813,238
  Total liabilities and stockholders' equity   $ 8,878,491   $ 9,577,349
             
 

Adjusted EBITDA Reconciliation

Adjusted EBITDA represents earnings 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 loss to Adjusted EBITDA:

                 
(Dollars in thousands) Three Months Ended September 30, 2012   Three Months Ended September 30, 2013   Nine Months Ended September 30, 2012   Nine Months Ended September 30, 2013  
                         
Net loss $ (51,271 ) $ (63,879 ) $ (116,928 ) $ (198,724 )
                         
Add: Net interest expense   51,923     130,976     152,468     243,846  
Add: Depreciation and amortization   84,580     92,448     250,615     260,866  
Add: Impairment losses and other   -     -     -     76,783  
Add: Dry-dockings and class survey costs   17,033     1,919     22,763     2,217  
Add: Income taxes   10,975     10,524     32,603     35,099  
Add: Gain/(loss) on interest rate swaps   27,777     11,638     49,491     (11,840 )
Adjusted EBITDA $ 141,017   $ 183,626   $ 391,012   $ 408,247  
                         
                         

Conference Call and Webcast: November 5, 2013

As announced, the Company's management team will host a conference call, on Tuesday, November 5, 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 November 12, 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 11 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 9 ultra deepwater drillships, 2 of which are scheduled to be delivered to Ocean Rig during 2014 and 2 of which is scheduled to be delivered during 2015. DryShips owns a fleet of 42 drybulk carriers (including newbuildings), comprising 12 Capesize, 28 Panamax and 2 Supramax with a combined deadweight tonnage of approximately 4.4 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 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 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.

Contact:
Investor Relations / Media:

Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: dryships@capitallink.com
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