DryShips To Sell Four Suezmax Tankers For A Total Of $245 Mln.

(RTTNews) - DryShips Inc (DRYS) on Monday said it has agreed with entities controlled by the company's Chairman and CEO, George Economou, to sell its four Suezmax tankers for a total price of $245 million.

Also, DryShips has entered into agreements with entities controlled by Economou to potentially sell its six Aframax tankers, but effective if only the purchaser confirms his unconditional acceptance latest by June 30.

Under the terms of the firm sales agreements on the four Suezmax tankers, the purchasers will pay upfront 20% to DryShips and the balance purchase price will be due on delivery which will be between July 1 and October 31 at the company's option.

Under the terms of the agreements on the six Aframax tankers, the purchasers could potentially acquire these tankers for a total of $291 million, as long as they confirm their unconditional acceptance by June 30.