DryShips Subsidiary Launches Private Placement

19 December 2010 (Last Updated December 19th, 2010 18:30)

Greece-based marine transportation service provider DryShips has revealed that its subsidiary Ocean Rig has launched a private placement of shares at $17.5 a share, for total gross proceeds of $500m. Ocean Rig plans to use the net proceeds from the offering to finance the construction

Greece-based marine transportation service provider DryShips has revealed that its subsidiary Ocean Rig has launched a private placement of shares at $17.5 a share, for total gross proceeds of $500m.

Ocean Rig plans to use the net proceeds from the offering to finance the construction of ultra deepwater drillships under construction at Samsung.

The offering is expected to close on 20 December 2010.

Following the transaction, DryShips will own a 78% stake in OceanRig.