DryShips Inc. (DRYS) unveiled a bigger-sized sale of its stake in Ocean Rig UDW Inc. (ORIG) as the dry bulk shipper pares its stake in the offshore drilling services provider by about 10%.
DryShips Inc. (DRYS) unveiled a bigger-sized sale of its stake in Ocean
Rig UDW Inc. (ORIG) as the dry bulk shipper pares its stake in the offshore
drilling services provider by about 10%.
Ocean Rig's shares began trading on Nasdaq in October after a partial spinoff
of the offshore drilling services provider by DryShips. Ocean Rig shares are up
by roughly a third year to date.
The dry-bulk shipper said 10 million shares priced at $16.25 each, a penny
discount from Wednesday's close. Companies affiliated with Ocean Rig's Chairman
and Chief Executive George Economou have agreed to purchase 1.9 million shares
from DryShips at the offer price.
On Monday, DryShips offered to sell 9 million of its Ocean Rig shares while
companies affiliated Economou were expected to purchase a minimum of 900,000
shares. Before the stock sale, DryShips owned about 97.3 million Ocean Rig
shares.
In March, Ocean Rig unveiled a planned share sale by DryShips--its largest
shareholder--of up to $100 million, in a filing with the U.S. Securities and
Exchange Commission. The company recently had about 263.4 million shares
outstanding, according to FactSet Research.
Ocean Rig offers offshore drilling services for oil and gas exploration, and
development in
Norway
and
other countries.
DryShips shares were up slightly at $3.21 in early trading. Shares of Ocean Rig
were up 4.4% at $16.98.
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