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BULK/OFFSHORE - DryShips (DRYS) Q1/09 rapport

9774 fcras 2/5 2009 08:50

April 30, 2009 , Athens, Greece. DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and offshore oil deep water drilling, today announced its unaudited financial and operating results for the three month period ended March 31, 2009.

First Quarter 2009 Highlights

* For the first quarter of 2009, the Company reported a net loss of $101.8 million or $0.93 basic and diluted loss per share. Included in the first quarter results are a loss related to contract termination fees and forfeiture of vessel deposits of $166.2 million or $1.53 per share, a non cash gain of $8.7 million or $0.08 per share associated with the valuation of the Company’s interest rate swaps, amortization of stock based compensation of $9.3 million or $0.09 per share, a gain on the sale of one vessel of $2.4 million or $0.02 per share and a gain on the contract cancellation of two vessels of $15.3 million or 0.14 per share.

Excluding these items, net income would amount to $47.3 million or $0.45 per share.

* The Company completed the ATM Equity Offering SM in which the Company raised gross proceeds of approximately $500 million since commencing the offering pursuant to the prospectus supplement filed on January 28, 2009. Merrill Lynch & Co. acted as sales agent in the offering.

* The Company signed a 3-year employment contract with Petrobras for exploration drilling in the Black Sea for its semi submersible rig, the Leiv Eiriksson.

The contract is expected to commence in direct continuation from the current contract with Shell. The contract value is approximately $630 million, including an estimated 60 days of mobilization, disassembly and reassembly of the derrick structure, and an incentive bonus of 8%.

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