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DryShips to buy 98% of Nautilus OffShore Services

Staff writer |
DryShips entered into an agreement to acquire approximately 98% of Nautilus OffShore Services for a purchase price of $87 million plus the assumption of approximately $33 million of net debt.

Nautilus indirectly through its subsidiaries owns six Offshore Supply Vessels of which four are Oil Spill Recovery Vessels (OSRVs) and two are Platform Supply Vessels (PSVs), all of which are on time charter to Petrobras until certain dates through 2017.

The vessels are managed by TMS OffShore Services Inc., an entity controlled by the Company's Chief Executive Officer, Mr. George Economou.

The purchase price will be partly financed by a new loan facility of $50 million provided to the Company by an entity controlled by Mr. George Economou.

The loan will be secured by shares that the Company holds in Ocean Rig UDW Inc. and by one Panamax drybulk carrier and has a tenor of three years. In addition, the lenders and the borrowers have certain conversion rights.

The transactions have been approved by the independent members of the company's board of directors.

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