DryShips Inc. Announces Special Committee’s Appointment of Financial and Legal Advisors
DryShips Inc. announced that the special committee (the “Special Committee”) of its board of directors, formed to consider the previously announced non-binding acquisition proposal (the “Proposal”) made by an entity controlled by the Company’s Chairman and Chief Executive Officer, Mr. George Economou, has retained Evercore as its financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor.
The Special Committee is comprised of the following independent and disinterested directors: George Kokkodis (Chair), Andreas Argyropoulos and George Demathas.
The Special Committee is considering and evaluating the Proposal, and no decisions have been made with respect to the Special Committee’s response to the Proposal. There can be no assurance that any definitive agreement will be finalized and executed or that the Proposal or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide updates with respect to this or any other transaction, except as required under applicable law.
DryShips Inc. is a diversified owner and operator of ocean going cargo vessels that operate worldwide. As of July 8, 2019, DryShips Inc. operates a fleet of 32 vessels consisting of (i) 6 Panamax drybulk vessels; (ii) 9 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 3 Aframax tankers; (vi) 2 Suezmax tankers; and (vii) 6 Offshore Support Vessels, including 2 Platform Supply and 4 Oil Spill Recovery Vessels.
DryShips Takes Full Ownership of Heidmar
Greek ship owner and operator DryShips has completed the acquisition of 100% of the issued and outstanding shares of Heidmar, a global tanker pool operator.
The company previously indirectly owned around 49.8% of Heidmar. As part of the transaction, DryShips acquired the remaining 50.2% of the pool operator currently held by other unaffiliated entities, for an aggregate consideration of USD 17 million.
DryShips said that the transaction was approved by the independent directors of the company, adding that Pankaj Khanna has been appointed as CEO of Heidmar, with immediate effect.
“We are excited to complete the acquisition of 100% of Heidmar and to simplify its ownership structure that will allow us to develop Heidmar to its full potential as an independent business line,” George Economou, Chairman and CEO of DryShips Inc. said.