DryShips Announces Agreement to Acquire Two Vessels

Economou

DryShips, a diversified owner and operator of ocean going cargo vessels, announced that it has agreed to acquire one 2013-built Newcastlemax drybulk carrier and one 2017-built Suezmax tanker, each constructed in China.

The vessels will be acquired from entities that may be deemed to be affiliates of Mr. George Economou, the Company’s Chairman and Chief Executive Officer, for an aggregate purchase price of $93.8 million, including the associated bank debt of $50.3 million. The transaction remains subject to documentation and customary closing conditions, and is expected to close in June 2018.

The purchase price was determined based on the average fair market value of each vessel as determined by independent third party broker valuations and the transaction was approved by the independent directors of the Company’s board of directors.

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