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Tsakos to spend $1 Billion

Tsakos to spend $1 Billion
Tsakos Energy Navigation Ltd., a Greek owner of oil tankers, may spend as much as $1 billion to acquire two deepwater drilling rigs, Chief Executive Officer Nikolas Tsakos said.

Tsakos May Spend $1 Billion to Take Two Drilling Rigs

Tsakos Energy Navigation Ltd., a Greek owner of oil tankers, may spend as much as $1 billion to acquire two deepwater drilling rigs, Chief Executive Officer Nikolas Tsakos said. Parent company Tsakos Group has decided to buy two drilling vessels and has already secured five-year charters for the rigs, Tsakos said. Tsakos Energy will decide whether to take the rigs at a June board meeting.

?The way it works is that whenever there is a good business, the group buys the ships, and then we give the option to Tsakos Energy,? Tsakos said in an interview in New York. ?In most cases they take the opportunity. If they don"t take it, the rigs will go to Tsakos Group.?

The rigs are expected to cost about $500 million each. One is chartered to operate off West Africa and one off Brazil, Tsakos said, without disclosing the names of the charterers.

Tsakos Energy fell 10 cents, or 0.7 percent, to $14.91 on the New York Stock Exchange at 12:05 p.m. today. The shares have risen 1.7 percent this year.

DryShips Inc., a Greek owner of ships hauling iron ore and coal, diversified into the oil drilling business through the 2008 purchase of Ocean Rig ASA. The company has four new rigs to be delivered next year and is seeking the initial public offering of the rig segment as early as September, according to Chief Operating Officer Pankaj Khanna.

www.turkishmaritime.com.tr

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