Market Overview

DryShips Announces Full Settlement of the $120M Affiliate Loan and Suspension of Ocean Rig Dividend

Share:
Related DRYS
Our Most-Read Stories Of The Year
10 Things You Buy Everyday That Cost More Than A Powerball Ticket
Related ORIG
5 Stocks To Watch For January 2, 2018
Benzinga's Top Upgrades, Downgrades For December 15, 2017

DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced today the following:

It has reached an agreement with Ocean Rig UDW Inc. ("Ocean Rig") to exchange the remaining outstanding balance of $80 million owed to Ocean Rig under the $120 million Exchangeable Promissory Note, for 17,777,778 shares of Ocean Rig owned by the Company. The agreement was approved by a committee of independent directors.

Ocean Rig's Board of Directors has decided to suspend its quarterly dividend until the offshore drilling market conditions improve.

Posted-In: News Legal

 

Related Articles (DRYS + ORIG)

View Comments and Join the Discussion!