DryShips 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."
