January 5, 2017 / 2:25 PM / 8 months ago

BRIEF-Dryships announces strategic expansion into the gas carrier market

Jan 5 (Reuters) - Dryships Inc -

* Dryships announces strategic expansion into the gas carrier market

* Under terms of LPG option agreement, co will have 3 months to exercise 4 separate options to purchase up to 4 vlgcs at $83.5 million/vessel

* If company exercises all four of its options, total purchase price of vlgc fleet will be $334.0 million

* Intends to finance any acquisition of vessels by using cash on hand, undrawn liquidity under previously announced new sifnos revolver

* If acquired, vessels will be managed by TMS cardiff gas, company controlled by chairman and chief executive officer

* Agreed to enter "zero cost" option agreement with co's controlled by CEO to purchase up to 4 high specifications very large gas carriers Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below