Dryships Inc. announces acquisition of 100% of Heidmar Inc

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DryShips Inc. (NASDAQ:DRYS) (“DryShips” or the “Company”), a diversified owner and operator of ocean going cargo vessels, today announced it has completed the acquisition of 100% of the issued and outstanding shares of Heidmar Inc. (“Heidmar”), a global tanker pool operator.

Prior to the transaction, DryShips indirectly owned approximately 49.8% of Heidmar. As part of the transaction, DryShips acquired the remaining approximately 50.2% of Heidmar currently held by other unaffiliated entities, for an aggregate consideration of approximately $17 million. The transaction was approved by the independent directors of the Company.

In connection with the transaction, Mr. Pankaj Khanna has been appointed as CEO of Heidmar, with immediate effect.

Mr. George Economou, Chairman and CEO of DryShips Inc. commented: “We are excited to complete the acquisition of 100% of Heidmar and to simplify its ownership structure that will allow us to develop Heidmar to its full potential as an independent business line.”

Mr. Pankaj Khanna, Heidmar’s new CEO commented:

“I look forward to working with all of the Heidmar stakeholders to deliver a first class service always consistent with Heidmar’s core values of transparency, relationships and performance.”