Brazil’s Petroleo Brasileiro (Petrobras) has sent its second cancelation notice this year to Athens-based DryShips, to terminate a vessel contract 16 months ahead of schedule that will set the company back nearly US$3 million.
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Image from Petrobras. |
The Greek vessel owner confirmed that Petrobras has given a termination notice for the oil spill recovery vessel (OSRV) Vega Inruda effective 8 April. The contract for the Vega Inruda was originally set to expire on 30 August 2017.
In earnings before interest, taxes, depreciation, and amortization (EBITDA), the contract loss of approximately $2.9 million for the balance of 2016, the DryShips said.
The Vega Inruda marks is the second cancelation from the Brazilian giant this year.
In February, Petrobras gave notice for the platform supply vessel (PSV) Vega Crusader effective 6 March 2016. The contract was to expire 8 January 2017.
DryShips took a contracted EBITDA loss of some $2.2 million for the balance of 2016.
“Given the prolonged market downturn in the drybulk segment and the continued depressed outlook on freight rates, the company is presently engaged in discussions with its lenders for the restructuring of its debt facilities. While discussions are ongoing, the company may elect to suspend principal repayments to preserve cash liquidity,” the company said in February.
Earlier this month, the Greek company announced it sold three of its support vessels, the Fakarava, Rangiroa, and Negonego in a US$102.1 million deal that brought the company’s debt to $213.7 million at the time.
DryShips also agreed this month to sell all of its shares in Ocean Rig to an unrestricted subsidiary of Ocean Rig for total cash consideration of approximately $49.9 million.
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