DryShips Announces Ocean Rig Contract Developments
06 June 2014 - 6:02AM
Marketwired
DryShips Announces Ocean Rig Contract Developments
ATHENS, GREECE--(Marketwired - Jun 5, 2014) - DryShips
Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global
provider of marine transportation services for drybulk and
petroleum cargoes and through its majority owned subsidiary, Ocean
Rig UDW Inc. ("Ocean Rig"), of offshore deepwater drilling
services, today announced that Ocean Rig has signed definitive
documentation, following the previously announced contract award,
for the 6 year contract for drilling operations offshore Angola for
its ultra deepwater drillship the Ocean Rig Skyros, with Total
E&P Angola Block 32. The contract is expected to commence in
the third quarter of 2015 and has an estimated backlog of $1.3
billion.
About DryShips
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 13 offshore ultra deepwater
drilling units, comprising of 2 ultra deepwater semisubmersible
drilling rigs and 11 ultra deepwater drillships, 1 of which is
scheduled to be delivered to Ocean Rig during 2015, 1 of which is
scheduled to be delivered to Ocean Rig during 2016 and 2 of which
are scheduled to be delivered during 2017. DryShips owns a fleet of
43 drybulk carriers (including newbuildings), comprising 13
Capesize, 28 Panamax and 2 Supramax with a combined deadweight
tonnage of approximately 4.6 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 Statements
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 this 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 words "believe," "intend," "anticipate," "estimate," "project,"
"forecast," "plan," "potential," "may," "should," "expect" and
similar expressions identify forward-looking statements.
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. All
forward-looking statements are qualified by these cautionary
statements and apply only as of the date they are made. We
undertake no obligation to update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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 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
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