DryShips has signed an agreement with Commerzbank and West LB on waiver terms for $70m of outstanding debt.

The Greece-based company said the agreement is subject to customary documentation.

DryShips chairman and CEO George Economou said the company has been left with two facilities with an aggregate outstanding debt of $117.5m, where waiver agreements are close to finalisation.

Last month, DryShips signed agreements with Nord LB and West LB on waiver terms for $116m and $67m of outstanding debt.