rss icon Subscribe
desktop mobile

DryShips to Spin Off of Its Gas Carrier Business

Photo: DryShips

By Aiswarya Lakshmi

DryShips, a diversified owner of ocean going cargo vessels, announced that its wholly owned subsidiary, Gas Ships Limited has filed a registration statement on Form F-1 with the U.S. Securities & Exchange Commission, to spin off of its gas carrier business from the Company.

In the spin-off, DryShips will distribute to holders of its common stock 49% of the issued and outstanding shares of Gas Ships Limited's common stock.
Following the spin-off, Gas Ships Limited will be a publicly-traded company, and DryShips will retain a 51% ownership interest in Gas Ships Limited.
George Economou, the Company's Chairman and Chief Executive Officer, commented: "The filing of the Form F-1 Registration Statement is an important step in the process of establishing Gas Ships Limited as a new, stand-alone company with its own strategic focus, independence and priorities. We believe that this business is well-positioned for success as a separate company."
The spin-off is subject to certain conditions, including the effectiveness of Gas Ships Limited's Form F-1 registration statement and final approval and declaration of the distribution by DryShips' Board of Directors. DryShips may, at any time until the closing of the spin-off, decide to abandon, modify or change the terms of the spin-off.
The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 35 vessels comprising of (i) 12 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Aframax tankers; (vi) 1 Suezmax tanker; (vii) 4 Very Large Gas Carriers and (viii) 6 offshore support vessels, including 2 platform supply and 4 oil spill recovery vessels.

Feb 8, 2018

 

Legal

BIMCO Relaunches Ship Benchmarking System

Photo: BIMCO

BIMCO relaunches ship benchmarking system Shipping KPI after two years of redesign.

US Pushes More Sanctions Targeting N.Korea Maritime Smuggling

U.S. Ambassador to the United Nations Nikki Haley (File photo: US Mission to the United Nations)

The United States proposed a list of entities on Friday to be blacklisted under United Nations

U.S. Sues to Stop Wilhelmsen From Buying Rival Drew Marine

The U.S. Federal Trade Commission said on Friday it would challenge in court the Norwegian company Wilhelmsen Maritime Services' plan to buy smaller U.S. rival Drew Marine Group.

Mergers & Acquisitions

Borr Drilling Buys Paragon Offshore

© Lukasz Z / Adobe Stock

Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim

Subsea 7 to Invest in Xodus Group

SEVEN FALCON. Photo: Subsea 7

Leading global contractor in seabed-to-surface engineering, construction and services to the

Goldman Sachs, Macquarie Front Runners in HES Terminal Sale

File Image: A rendering of the The HES Terminal in the Port of Rotterdam (CREDIT: HES)

A consortium of infrastructure funds at Goldman Sachs and Macquarie is seen as the front runner in

Maritime Apps