UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES
EXCHANGE ACT OF 1934
For the
month of February 2009
Commission
File Number 001-33922
DRYSHIPS
INC.
80
Kifissias Avenue
Amaroussion
15125, Athens Greece
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
[X] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule
101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely
to provide an attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule
101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrant's
"home country"), or under the rules of the home country exchange on which the
registrant's securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the
registrant's security holders, and, if discussing a material event, has already
been the subject of a Form 6-K submission or other Commission filing on
EDGAR.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 is a press release of DryShips Inc. (the “Company”), dated February
9, 2009, announcing that the Company has reached a preliminary agreement with
Nordea Bank Finland Plc to obtain a covenant waiver in connection with its
$800.0 million Primelead facility.
This
Report on Form 6-K and the exhibit hereto are hereby incorporated by reference
into the Company’s Registration Statement on Form F-3 ASR (Registration No.
333-146540) filed on October 5, 2007, as amended by Post-Effective Amendment No.
1 filed on October 20, 2008.
EXHIBIT
1
DRYSHIPS
ANNOUNCES PRELIMINARY AGREEMENT WITH NORDEA BANK FOR A
COVENANT
WAIVER ON THE $800 MILLION PRIMELEAD FACILITY
Athens,
February 9, 2009- DryShips Inc. (NASDAQ:DRYS) (the "Company" or "DryShips"), a
global provider of marine transportation services for drybulk cargoes and
off-shore contract drilling oil services, announced today that it has reached
preliminary agreement with Nordea Bank Finland Plc to obtain a covenant waiver
in connection with the $800.0 million Primelead facility, which was used to
partially finance the acquisition of Ocean Rig ASA. As of today, the outstanding
loan amount under the facility is $650.0 million.
In
accordance with the main terms of the waiver: (i) the Company will pay a
restructuring fee of 0.15% on the outstanding loan amount under the facility
plus an amount equal to 1.00% per annum on the loan outstanding for the period
from January 9, 2009 until the Effective Date of the waiver agreement; (ii)
$75.0 million of principal repayment due February 2009 will be postponed until
May 2009; (iii) the margin on the facility will increase by 1.00% to 3.125% per
annum; and (iv) regular principal payments will resume as of August
2009. In addition, among other things, lender consent will be
required for the acquisition of DrillShip Hulls 1837 and 1838, for new cash
capital expenditures or commitments and for new acquisitions for cash until the
loan has been repaid to below $375.0 million. The waiver agreement
Effective Date will not exceed August 12, 2009, at which time the Company
expects to be in compliance with the restructured loan covenants. The agreement
is preliminary and is subject to formal approvals by the Company and the
syndicate banks (Nordea Bank Finland Plc, DnB NOR Bank ASA and HSH Nordbank
AG).
About
DryShips Inc.
DryShips
Inc., based in Greece, is an owner and operator of drybulk carriers that operate
worldwide. As of the day of this release, DryShips owns a fleet of 43 drybulk
carriers comprising 7 Capesize, 29 Panamax, 2 Supramax and 5 newbuilding drybulk
vessels with a combined deadweight tonnage of over 3.4 million tons, 2 ultra
deep water semisubmersible drilling rigs and 2 ultra deep water newbuilding
drillships. DryShips Inc.'s common stock is listed on the NASDAQ Global Market
where trades under the symbol "DRYS." Visit our website at www.dryships.com
Forward-Looking
Statements
Matters
discussed in this release may constitute forward-looking statements. Forward-
looking statements reflect our current views with respect to future events and
financial performance and may include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and
other statements, which are other than statements of historical facts. The
forward-looking statements in this release are based upon various assumptions,
many of which are based, in turn, upon further assumptions, including without
limitation, management's examination of historical operating trends, data
contained in our records and other data available from third parties. Although
DryShips Inc. believes that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are beyond our
control, DryShips Inc. cannot assure you that it will achieve or accomplish
these expectations, beliefs or projections. Important factors that, in our view,
could cause actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies and
currencies, general market conditions, including changes in charterhire rates
and vessel values, changes in demand that may affect attitudes of time
charterers to scheduled and unscheduled drydocking, changes in DryShips Inc.'s
operating expenses, including bunker prices, drydocking and insurance costs, or
actions taken by regulatory authorities, potential liability from pending or
future litigation, domestic and international political conditions, potential
disruption of shipping routes due to accidents and political events or acts by
terrorists. Risks and uncertainties are further described in reports filed by
DryShips Inc. with the US Securities and Exchange Commission.
Investor
Relations / Media:
Nicolas
Bornozis
Capital
Link, Inc. (New York)
Tel.
212-661-7566
E-mail:
dryships@capitallink.com
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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DryShips
Inc.
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(Registrant)
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Dated: February
9, 2009
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By: | /s/George Economou |
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George
Economou
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Chief
Executive Officer and
Interim
Chief Financial
Officer
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