DryShips announces plans to raise up to US$850M to help pay for ultra deep-water drill ships, other purposes

NEW YORK , December 3, 2010 () – DryShips Inc. said Friday that it plans to raise up to $850 million to help pay for ultra deep-water drill ships and other purposes.

The company, based in Athens, Greece, said the money will come from separate share sales. One of its subsidiaries, Ocean Rig UDW Inc., will raise about $500 million by selling shares. DryShips said it will own about 78 to 80 percent of Ocean Rig when the deal is completed.

DryShips also raised about $350 million in a separate equity offering.

Company shares added 57 cents, or nearly 11 percent at $5.80 in morning trading.

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