Dryships Cinches Deal to Finance 2 Ultra-Deepwater Drillships

DryShips Inc. announced the closing of a senior secured credit facility of US$1,125 million jointly arranged by Deutsche Bank AG - Global Principal Finance, London and Dexia Crédit Local, New York Branch for the financing of the two ultra-deepwater drillships under construction at Samsung Heavy Industries.

The drillships -- which are designed to drill up to 10,000 feet and 35,000 feet of drilling depth -- are scheduled to be delivered in the third quarter of 2011, as previously announced. Once delivered, the vessels will be operated by Ocean Rig, which was recently acquired by DryShips.

George Economou, Chairman and CEO of DryShips Inc., commented, "I am very pleased with this financing that has been successfully completed despite the tightness of the global credit markets. We appreciate the support shown by all the participating banks of the syndicate and we want to thank them for their commitment shown to DryShips."


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