Greek dry-bulk carrier DryShips reportedly agreed to acquire about 30.4 percent stake in Ocean Rig ASA for $405m, according to a Reuters report.
The company's entry into the deep water is reportedly a result of its view that significant shareholder value can be garnered through this transaction.
Shares of DryShips were down more than 14 percent at $71.80 in afternoon trade, making them one of the top percentage losers on the Nasdaq.
In a statement, DryShips said it plans to finance the investment with about $162 million in cash and $243 million in debt.
Ocean Rig owns
and operates two ultra deepwater rigs
, with depth capacity of between 7,500 feet and 10,000 feet.