New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 14, 2013
09:15 EDTDRYSDryShips sells two tanker ships for $21.4M
DryShips, through its majority owned subsidiary, Ocean Rig UDW, announced the sale, via novation, of two of its tankers under construction at Samsung Heavy Industries, Esperona and Blanca, to a third-party buyer. Under the terms of the two novation agreements dated December 27, 2012, the buyer assumes all rights, benefits, liabilities and obligations under both shipbuilding contracts, in exchange for cash consideration of $21.4M, or $10.7M for each vessel paid by the company to the Buyer. As a result of this transaction, Dryships is released from all its obligations under under the shipbuilding contracts, both as the contracting party and as a guarantor. George Economou, CEO of the company, commented, "As we have stated recently, the reduction or elimination of CAPEX has become a top priority for the Company. With the sale of these vessels, Dryships has reduced its CAPEX by approx. $101M, after taking into consideration the payment of $21.4M to the Buyer of the vessels."
News For DRYS From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
May 18, 2015
09:04 EDTDRYSDryShips announces contract extension, new contract for Ocean Rig Olympia
DryShips (DRYS), through its majority owned subsidiary, Ocean Rig UDW (ORIG) of off-shore deepwater drilling services, announced that in connection with the previously announced Omnibus Agreement with ENI Angola S.p.A, all closing conditions including approvals by national authorities and signing of definitive documentation have been satisfied. As a result Ocean Rig has extended the contract for the drillship Ocean Rig Poseidon for a further one year until 2Q17 with total contract backlog now standing at about $367M. In addition, Ocean Rig has entered into a new contract for the drillship Ocean Rig Olympia to drill offshore Angola commencing in Q3 for a minimum of 8 months with a total contract backlog of about $91M.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use