Dryships announces agreements to sell 17 vessels and an expected impairment loss of $795 million
DryShips Inc., a global provider of marine transportation services for drybulk cargoes, and through its affiliate, Ocean Rig UDW Inc., of off - shore contract drilling oil services, announced that it has entered into firm sales agreements with entities controlled by the Company’s Chairman and Chief Executive Officer, George Economou, to sell 17 vessels.
The 17 vessels , comprise d of 13 Capesize and 4 Panamax bulk carriers , are being sold for an aggregate price of $377.0 million , including their existing employment agreements and the assumption of $23 6.7 million of debt as of September 10, 2015, associated with some of the vessels. A ll of the individual transactions are expected to close in the fourth quarter of 2015 and certain transactions remain subject to the approval of the applicable lending banks. These transactions were approved by the independent directors of the Company. As a result of the Company’s decision to sell these vessels, the Company expects to recognize an impairment charge of approximately $37 3 million in its results for the third quarter of 2015.
In addition, the Company’s Board of Directors, has decided to classify all of the remaining vessels in the fleet , comprised of 20 Panamax and 2 Supramax bulk carriers , as held for sale, and as a res ult the Company expects to recognize an additional impairment charge of approximately $422 million in its results for the third quarter of 2015.
About DryShips Inc.
DryShips Inc. is an owner of drybulk carriers that operate worldwide. Dryships also has an affiliate Ocean Rig UDW Inc., an offshore deepwater drilling services company, which owns and operates 13 offshore ultra deep water drilling units, comprised of 2 ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater dril lships, 1 of which is scheduled to be delivered to Ocean Rig during 2016 , 1 of which is scheduled to be delivered during 2018 and 1 of which is scheduled to be delivered during 2019 . DryShips owns a fleet of 39 drybulk carriers, comprising 13 Capesize, 24 Panamax and 2 Supramax with a combined deadweight tonnage of approx imately 4.3 million tons.
