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DryShips settles loan with debt-for-equity swap with Ocean Rig

Photo of Holly Birkett Holly BirkettJuly 30, 2015
2 Less than a minute

DryShips has agreed a debt-for-equity swap with its fellow Economou-led company Ocean Rig that will fully pay off a $120m exchangeable promissory note.

Under the agreement, Dryships will exchange the outstanding $80m borrowed by DryShips under the $120m loan facility for 17,777,778 of its shares in Ocean Rig.

In May, DryShips agreed to partially exchange $40m borrowed by the company from the same loan for 4,444,444 of its shares in Ocean Rig.

Separately, Ocean Rig’s board of directors has opted to suspend the company’s quarterly dividend until offshore drilling market conditions improve.

 

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Photo of Holly Birkett Holly BirkettJuly 30, 2015
2 Less than a minute
Photo of Holly Birkett

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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