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DryShips Announces Sale of Two Newbuilding Suezmaxes for $21.4M

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DryShips Inc. (NASDAQ: DRYS), or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today 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 $21.4 million (that is, $10.7 million for each vessel) paid by the Company to the Buyer. As a result of this transaction, Dryships is released from all its obligations under the shipbuilding contracts, both as the contracting party and as a guarantor.

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