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Oceanaut, Inc. enter into definitive agreements for purchase of nine vessels Dated : 17-10-2007

The Company also announced that it has entered into definitive agreements pursuant to which it has agreed to issue 10,312,500 shares of its common stock, at a purchase price of $8.00 per share, in exchange for an aggregate investment by separate companies associated with members of the Restis family of $82,500,000.
Following the completion of the fleet acquisition and investment, companies associated with members of the Restis family are expected to own approximately 30% of the Company’s outstanding shares of common stock. Excel Maritime Carriers Ltd. and its affiliates currently own approximately 24% of the Company’s outstanding shares of common stock.
Upon delivery of the vessels, the fleet will be comprised of two Capesize, four Panamax and three Supramax dry bulk carriers. These dry bulk carriers transport a variety of dry bulk cargoes such as coal, iron ore and grain. The vessels have a combined cargo-carrying capacity of 809,000 deadweight tons and an average fleet age of approximately seven years upon delivery of all newbuilding vessels. The two Supramax dry bulk carriers are scheduled for delivery in 2008 and the third Supramax dry bulk carrier, together with the two Capesize dry bulk carriers, are scheduled for delivery in 2009.
In addition, it is intended that, after the closing of the transaction, Maryville Maritime Inc. will provide technical management services and Safbulk Pty Ltd. will provide commercial management services to Oceanaut’s fleet.
“We are pleased to bring this significant fleet acquisition and synergistic investment to our shareholders,” said Mr. Christopher Georgakis, Chief Executive Officer and President of Oceanaut. “We believe that the quality of the acquired fleet in this transaction combined with sound technical and commercial vessel ship management practices, will result in Oceanaut being well-positioned to become a significant player in the fragmented dry bulk shipping sector.”
The Company’s acquisition of the fleet of dry bulk carriers and the issuance of its common stock in exchange for the $82,500,000 investment are conditioned upon the consummation of such other transaction and are each subject to the approval of Oceanaut’s shareholders.
Oceanaut will also file a Current Report on Form 8-K disclosing further details on the fleet acquisition and investment and attaching copies of the definitive agreements.
About Oceanaut, Inc.
Oceanaut, Inc. (AMEX: OKN; OKN.U; OKN.WS) is a blank check company formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination, vessels or one or more operating businesses in the shipping industry.
October 17, 2007 08:08 AM Eastern Daylight Time
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