Contact Information: Investor Relations / Media: Nicolas Bornozis Capital Link, Inc. (New York) Tel. 212-661-7566 E-mail: dryships@capitallink.com
DryShips Announces Appointment of Chief Financial Officer
| Source: DryShips Inc.
ATHENS, GREECE--(Marketwire - October 16, 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 named Ziad Nakhleh as the Company's Chief Financial Officer
effective November 1, 2009. This position was previously occupied on an
interim basis by Mr. George Economou, Chairman and Chief Executive Officer.
Mr. Nakhleh, 37, has over 12 years of finance experience. From January,
2005 to September, 2008, he served as Chief Financial Officer of Aegean
Marine Petroleum Network Inc., a publicly traded marine fuels logistics
company listed on the New York Stock Exchange, where he led the company's
$200 million IPO in December 2006. During his tenure at Aegean, Mr. Nakhleh
as well as managing the corporate finance and accounting aspects of the
company, was extensively involved in maintaining investor confidence and
contributing to the expansion of the company by way of corporate and asset
acquisitions. For the past year, he was engaged in a consulting capacity to
various companies in the shipping and marine fuels industries. Prior to his
time with Aegean, Mr Nakhleh was employed at Ernst & Young and Arthur
Andersen in Athens. Mr. Nakhleh is a graduate of the University of Richmond
in Virginia and is a member of the American Institute of Certified Public
Accountants.
George Economou, Chairman and Chief Executive Officer, commented: "We are
pleased to have Ziad join our management team. He is a welcome addition to
DryShips and his capital and debt markets experience will be valuable going
forward. We now have an experienced and talented senior management team in
place to help manage and grow DryShips."
About DryShips Inc.
DryShips Inc., based in Greece, is an owner and operator of drybulk
carriers and offshore oil deep water drilling that operate worldwide. As of
the day of this release, DryShips owns a fleet of 41 drybulk carriers
comprising 7 Capesize, 30 Panamax, 2 Supramax and 2 newbuilding Drybulk
vessels with a combined deadweight tonnage of over 3.7 million tons, 2
ultra deep water semisubmersible drilling rigs and 4 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.