DryShips said its deepwater operations performed well in the latest quarter and it expects the trend to continue into next year. "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," said George Economou, the company's chairman and CEO, in a statement.
Economou added later: "We believe rates for ultra deepwater rigs bottomed in the low-$400,000 per day range in the third quarter of 2010 and are now trending upwards." The average estimate of analysts polled by Thomson Reuters is for DryShips to post a profit of $64.5 million, or 23 cents a share, in the current quarter ending in December.
-- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: email@example.com