DryShips has announced plans to spin off its gas carrier business to form Gas Ships, and has taken the initial step of filing a F-1 registration statement with the U.S. Securities & Exchange Commission.
The company will retain 51% and distribute to its shareholders 49% of the issued and outstanding shares of Gas Ships, which will then be a publicly-traded company.
George Economou, chairman and CEO of DryShips, commented: “The filing of the Form F-1 Registration Statement is an important step in the process of establishing Gas Ships Limited as a new, stand-alone company with its own strategic focus, independence and priorities. We believe that this business is well-positioned for success as a separate company.”
DryShips picked up four VLGC newbuild contracts in January 2017 via a “zero cost” option agreement with TMS Cardiff Gas, also controlled by Economou. All four of the $83.5m vessels have now delivered from Hyundai Heavy Industries in Korea and are operating on long-term charters.
