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 March 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, dated March 3, 2009, issued by DryShips Inc.
(the “Company”) announcing updates with respect to vessel sale and purchase
activities.
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 UPDATE
ON
SALE AND PURCHASE ACTIVITIES
Athens,
Greece - March 3, 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 the
following updates with regards to the recent sales and purchase
transactions:
M/V
Paragon
DryShips
previously entered into an agreement to sell the M/V Paragon, a 1995 built 71,259 dwt
Panamax drybulk carrier, for a sale price of approximately $61 million and has
reached an agreement with the buyers whereby the price will be reduced to $30.80
million. Delivery of the vessel took place earlier today and DryShips expects to
recognize a gain of approximately $2.4 million which will be recognized in the
first quarter of 2009.
M/V La
Jolla
DryShips
previously entered into an agreement to sell the M/V La Jolla, a 1997 built
Panamax drybulk carrier, for a sale price of $66 million and has agreed to
settle its dispute with the buyers in connection with buyers’ failure to take
delivery under the relevant Memorandum of Agreement. Under the settlement
agreement, DryShips has agreed to retain the vessel and has received aggregate
compensation in the amount of $9 million in respect of the
cancellation.
M/V
Toro
DryShips
previously entered into an agreement with Samsun Logix Corporation, or Samsun,
the buyers of the M/V Toro, a 1995 built 73,034 dwt Panamax drybulk carrier, to
sell the vessel at a reduced price of $36 million. The buyers were
obligated to remit an additional deposit of $1.5 million. The Company
received notice from Samsun that it filed for receivership. Following Samsun’s
failure to pay the additional deposit, DryShips has commenced arbitration
proceedings against Samsun claiming compensation for the difference between the
current market price and the original contract price of $63.4 million pursuant
to the terms of the agreement with Samsun.
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 42 drybulk
carriers comprising 7 Capesize, 28 Panamax, 2 Supramax and 5 newbuilding drybulk
vessels with a combined deadweight tonnage of about 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.
Forwardlooking 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: March
3, 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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SK 23113 0002
971725