DryShips Announces Write-Off of Receivables

DryShips Inc., 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, has announced  the agreement with one of its charterers to write-off about $16.5 million in overdue receivables related to charter hire payments due on 11 vessels on time charter.

As part of the transaction, the charterer has agreed to forgo the exercise of certain "in-the-money" purchase options related to seven vessels on time charter and provide new charters for 11 vessels at $12,500/day gross with 50-50 profit sharing starting as of June 1, 2015 and for an average period of about 4.5 years.

Mr. Economou, Chairman and CEO, stated, "With the negative conditions in the drybulk market we believe this is a prudent way to take advantage of market volatility."