DryShips Inc. 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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