DryShips Sets Rig Unit's Offering at $17.50
Earlier, DryShips' Ocean Rig UDW subsidiary signed a $77 million contract with Borders & Southern Petroleum for a two-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 Trades Higher on Drill Deal
There were three further optional wells that could extend the contract by 135 days.
The dry-bulk shipper and deepwater drill-ship operator recently posted better-than-expected quarterly earnings.
DryShips reported earnings of 18 cents per share, or $49 million. Excluding one-time items the income number would have come in at $99 million, or 38 cents per share, easily besting the consensus Wall Street estimate of 25 cents per share. Quarterly revenue inched higher by 1.4% to $225.2 million from a year ago, also beating expectations. >>DryShips Tops Views; Stock Jumps The company finally made good this fall on promises regarding its long-floundering drilling business, inking contracts on several vessels that had still required financing. DryShips CEO George Economou issued a rosy outlook on that score as well, saying, "The ultra deepwater market has turned a corner in the last couple of months and we believe that current enquiry from operators matches or may even exceed the supply available in 2011." Industry rival Diana Shipping (DSX) traded lower as well Wednesday. Goldman Sachs (GS) recently gave the shipper a healthy buy rating. >>Diana Shipping Cruises on Buy RatingSelect the service that is right for you!
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