Updated from 10:21 a.m. EDT DryShips ( DRYS) made its contract with Petrobras ( PBR) official Tuesday, apparently giving investors something to cheer about.

On Tuesday, DryShips said that its wholly owned subsidiary Ocean Rig ASA had signed a three-year contract with Petrobras announced in March. The roughly $630 million contract, signed April 8, involves the use of the Leiv Eiriksson for exploratory drilling in the Black Sea.

DryShips shares rose 10.3% to $5.59.


Eagle Bulk Shipping ( EGLE) shares rose 19.3% to $5.80.

Excel Maritime Carriers ( EXM) rose 4.8% to $7.25.

Diana Shipping ( DSX) fell 0.6% to $13.97.

Genco Shipping ( GNK) rose 2.3% to $15.68.

Navios Maritime ( NM) shares rose 12.4% to $2.91.