Drybulk shipper DryShips Inc. (DRYS) said it increased its offering of subsidiary Ocean Rig UDW Inc. (ORIG) stock to 7.5 million shares from 5 million, saying it expects to raise about $126.4 million.

Ocean Rig shares slid 4.8% premarket to $16.70. DryShips didn't say how much it expects to sell each share for.

After the sale, which is expected to close Thursday, DryShips will still own about 59.4% of Ocean Rig's roughly 131.7 million outstanding shares.

Ocean Rig, which provides offshore drilling services, won't receive any proceeds from the offering.

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