DryShips finally made good this fall on promises regarding its long-floundering drilling business, inking contracts on several vessels that had still required financing.
On Monday, DryShips' stock pushed higher on word that its Ocean Rig UDW subsidiary signed a $77 million contract with Borders & Southern Petroleum for a 2-well exploration and drilling pact in the offshore Falkland Islands area for a period of 90 days, beginning in the fourth quarter of 2011.
DryShips shares were 1.5% lower Tuesday afternoon.Dry-bulk shipping peer FreeSeas (FREE) saw its shares edge 0.3% lower. The operator of drybulk carriers posted a net loss of $9.5 million, or $1.51 per share, for the third quarter, compared with a profit of $465,000, or 8 cents per share, in the year-earlier period. FreeSeas' revenue pushed up 5.3% to $13.8 million. Paragon Shipping (PRGN) shares fell 1.4% Tuesday afternoon. Analysts from Cantor Fitzgerald maintained a buy rating on Paragon but recently lowered their price target on the stock by $1 to $5. "We now look for Paragon to report 2010 earnings per share of 39 cents (from 33 cents) and [earnings before interest, taxes, depreciation and amortization] of $65 million (from $67 million)," the equities research firm noted.
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