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Price will be reduced to $36m

Price will be reduced to $36m
DryShips Inc. announced the agreement to sell the M/V Toro, a 1995 built 73,034 dwt Panamax drybulk carrier at a reduced sale price.

DryShips Inc. announced the agreement to sell the M/V Toro, a 1995 built 73,034 dwt Panamax drybulk carrier at a reduced sale price.

DryShips Inc., a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced Friday the agreement to sell the M/V Toro at a reduced sale price. On July 17, 2008, DryShips entered into an agreement to sell the M/V Toro, a 1995 built 73,034 dwt Panamax drybulk carrier, for a price of approximately $63.4 million. DryShips announced today that it has reached an agreement with the Buyers whereby the price will be reduced to $36.0 million. The M/V Toro is currently employed in the spot market.

DryShips expects to recognize a gain of approximately $10 million which will be recognized in the first or second quarter of 2009. As part of the agreement the Buyers will release the deposit of $6.3 million to DryShips immediately and will make a new deposit of $1.5 million. If the Buyers fail to remit the remainder of the new purchase price, DryShips will retain the vessel and will be entitled to claim compensation for the difference between the current market price and the original contract price of $63.4 million. The vessel is expected to be delivered to the Buyers by April 2009.

George Economou, Chairman and Chief Executive Officer, commented:

"We are very pleased to reach an amicable solution with the Buyers of the M/V Toro that secures the sale of a 14-year-old vessel that is trading in the spot market. The price achieved of $36 million compares favourably to the latest Baltic Sale & Purchase Assessment of January 26, 2009 of $28.1 million for a charter free 5-year-old vessel."

DryShips Inc., based in Greece, is an owner and operator of drybulk carriers that operate worldwide. As of the day of this release, DryShips owns a fleet of 43 drybulk carriers comprising 7 Capesize, 29 Panamax, 2 Supramax and 5 newbuilding drybulk vessels with a combined deadweight tonnage of over 3.4 million tons, 2 ultra deep water semisubmersible drilling rigs and 2 ultra deep water newbuilding drillships.

www.TurkishMaritime.com.tr

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