Dryships to Raise Money for Newbuild

6 December 2010 (Last Updated December 6th, 2010 18:30)

Dryships subsidiary Ocean Rig UDW is planning to raise $500m through a private placement. The proceeds of the offering will be used to finance the construction of ultra deepwater drillships, which are being built at Samsung Heavy Industries' Korean shipyard. Following the transact

Dryships subsidiary Ocean Rig UDW is planning to raise $500m through a private placement.

The proceeds of the offering will be used to finance the construction of ultra deepwater drillships, which are being built at Samsung Heavy Industries’ Korean shipyard.

Following the transaction, the Greek shipping firm will own approximately 78%-80% of OceanRig UDW.