Dryships in offshore vessel acquisitionCompany News // October 22, 2015
Through its affiliate Ocean Rig UDW, DryShips Inc, the well-known provider of marine transportation services for drybulk cargoes, is to acquire approximately 98 per cent of Nautilus OffShore Services for a purchase price of US$87 million plus the assumption of approximately US$33 million of debt.
Nautilus indirectly through its subsidiaries owns six offshore supply vessels of which four are oil spill recovery vessels (OSRVs) and two are PSVs, all of which are on time charter to Petrobras until dates through 2017.
The vessels are managed by TMS OffShore Services, an entity controlled by the company’s chief executive officer, George Economou.
The purchase price will be partly financed by a new loan facility of US$50 million provided to the company by an entity controlled by Mr Economou. The loan will be secured by shares that the company holds in Ocean Rig UDW and by one Panamax drybulk carrier and has a tenor of three years. In addition, the lenders and the borrowers have certain conversion rights.
Ziad Nakhleh, Chief Financial Officer of the Company, said: "We are very pleased to have agreed to the acquisition of six modern OSVs from clients of TMS OffShore with fixed rate employment that we expect will generate in excess of US$20 million of EBITDA until the end of 2016. With the support of our founder and main shareholder we are diversifying the company’s asset base and increasing the company’s secured cash flow for the benefit of all stakeholders.”