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Petrobras Terminates PSV Contract wth DryShips

Source: www.gulfoilandgas.com 2/15/2016, Location: South America

DryShips Inc, an international owner of drybulk carriers and offshore support vessels, announced that Petroleo Brasileiro S.A. (Petrobras) has given notice of termination on the contract for the platform supply vessel (PSV) Vega Crusader effective as of March 6, 2016. The contract of the Vega Crusader was expiring on January 8, 2017 and this termination represents a loss in contracted EBITDA of approximately $2.2 million for the balance of 2016.

Given the prolonged market downturn in the drybulk segment and the continued depressed outlook on freight rates, the Company is presently engaged in discussions with its lenders for the restructuring of its debt facilities. While discussions are ongoing, the Company may elect to suspend principal repayments to preserve cash liquidity. Our founding shareholder, Mr. George Economou, has expressed his continued support to DryShips throughout these discussions, subject to the continued support of all the lenders.

The sale of the Fakarava, Rangiroa and Negonego to entities controlled by our Chairman and CEO Mr. George Economou has failed. In addition, we have reached a settlement agreement with the charterer of these vessels for an upfront lumpsum payment and the conversion of the daily rates to index-linked time charters. Mr. Economou has expressed his desire to proceed with the sale of the vessels subject to the transfer of the existing loan at the current fair market value of the vessels and we are in discussions with the respective lenders to achieve this.

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Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

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