Greece: DryShips Signs USD 141 Mln Loan Facility for Four Tankers

DryShips Inc., a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced the signing of a $141 million syndicated secured term loan facility to partially finance the construction costs of the tankers Belmar, Calida, Lipari and Petalidi. The Lead Arrangers are The Export-Import Bank of Korea (Korea Eximbank) and ABN AMRO Bank.

George Economou, Chairman and CEO, commented:

“We are pleased to announce the signing of this loan facility with Korea Eximbank and ABN AMRO. Following the signing of this loan facility the next four tankers that deliver in the fourth quarter of 2011 and the first half of 2012 are now fully financed. With credit markets tightening across the globe, the fact that we secured bank debt on competitive terms is a testament to the relationships built over the years. We will continue to leverage these relationships in our endeavors to finance the remaining drybulk and tanker newbuilding programs.”

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 9 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 7 ultra deepwater drillships, 3 of which remain to be delivered to Ocean Rig during 2013. DryShips owns a fleet of 34 drybulk carriers (including newbuildings), comprising 7 Capesize, 25 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.2 million tons, and 12 tankers (including newbuildings), comprising 6 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.6 million tons.

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Source: DryShips Inc, October 26, 2011