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DryShips finalises agreement on outstanding loan obligations

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Dry Bulk,

DryShips Inc., an international owner of dry bulk carriers and offshore support vessels, has reached agreement with one of its lenders to settle its outstanding loan obligations.

Under the terms of the agreement, the lending bank has agreed to a write-off approximately 50% of the outstanding principal and interest due. The company has repaid approximately US$8.2 million of principal and will have to pay an additional amount of US$2 million over the next nine months against a full and final settlement of all of its obligations under the credit documents.

DryShips owns a fleet of 14 panamax dry bulk carriers with a combined DWT of approximately 1 million t, and six offshore supply vessels, comprising two platform supply and four oil spill recovery vessels.

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