George Economou’s Dryships slumped to a massive $820m loss in the third quarter hit by impairments and losses on sales of vessels.

The $820m loss in the third quarter of 2015 compared to a $16.67m profit in the same period a year earlier.

Dryships said that in the quarter it took impairment charges and losses on sales of $797.5m, excluding the impairment charges and losses the company’s net loss in Q3 would have been $22.5m. Dryships has sold of 10 tankers and 17 dry bulk vessels.

In November it also moved into the OSV sector acquiring Nautilus Offshore Services which has six vessels on time charter to Petrobras.