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DryShips Acquires Very Large Gas Carrier For $83.5 Mln

BY Midnight Trader
— 9:14 AM ET 03/06/2017

09:14 AM EST, 03/06/2017 (MT Newswires) -- DryShips (DRYS) announced Monday that it has exercised its second option to acquire a Very Large Gas Carrier currently under construction at Hyundai Heavy Industries Co., Ltd. for a purchase price of $83.5 million.

Part of the purchase price (approximately 25%) will be paid on closing, expected within March, with the balance payable in installments until the vessel's delivery. The vessel will be employed on a fixed rate time charter with five years firm duration to an oil major. The charterer has options to extend the firm employment period by up to three years. The company says it expects the total gross backlog associated with this time charter to be $54.0 million, or $92.7 million including the optional periods, and expects to take delivery of the vessel in September.