DryShips to Spin Off of Its Gas Carrier Business
By Aiswarya Lakshmi
Thursday, February 8, 2018
DryShips, a diversified owner of ocean going cargo vessels, announced that its wholly owned subsidiary, Gas Ships Limited has filed a registration statement on Form F-1 with the U.S. Securities & Exchange Commission, to spin off of its gas carrier business from the Company.
In the spin-off, DryShips will distribute to holders of its common stock 49% of the issued and outstanding shares of Gas Ships Limited's common stock.
Following the spin-off, Gas Ships Limited will be a publicly-traded company, and DryShips will retain a 51% ownership interest in Gas Ships Limited.
George Economou, the Company's Chairman and Chief Executive Officer, 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."
The spin-off is subject to certain conditions, including the effectiveness of Gas Ships Limited's Form F-1 registration statement and final approval and declaration of the distribution by DryShips' Board of Directors. DryShips may, at any time until the closing of the spin-off, decide to abandon, modify or change the terms of the spin-off.
The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 35 vessels comprising of (i) 12 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Aframax tankers; (vi) 1 Suezmax tanker; (vii) 4 Very Large Gas Carriers and (viii) 6 offshore support vessels, including 2 platform supply and 4 oil spill recovery vessels.