Greece-based owner DryShips Inc. is looking to spin off of its gas carrier business, Gas Ships Limited, and has filed a F-1 registration statement with the U.S. Securities & Exchange Commission.
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 move, Gas Ships Limited will be a publicly-traded company, and DryShips will retain a 51% ownership interest in the company.
“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,” George Economou, the Company’s Chairman and Chief Executive Officer, said.
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.