Dryships Results for Q3 2010
DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and offshore oil deepwater drilling, announced its unaudited financial and operating results for the third quarter and nine-month period ended September 30, 2010. For the third quarter of 2010, the Company reported net income of $49.3 million, or $0.18 basic and diluted earnings per share. Included in the third quarter 2010 results are various items, totaling $49.7 million, or $0.2 per share which are described below. Excluding these items, net income would have amounted to $99.0 million or $0.38 per share. Included in the third quarter 2010 results are non-cash amortization of debt issuance costs…
Dryships Signs Another Drilling Contract
DryShips Inc. announced today that its fully-owned subsidiary Ocean Rig UDW Inc has signed definitive documentation following the previously announced Letter of Award. The contracts were signed with subsidiaries of Vanco Overseas Energy Limited (“Vanco”) for projects in which Vanco is operator and LUKOIL Overseas is majority co-venturer, for a five well contract for exploration drilling offshore Ghana and Cote d’Ivoire for a period of about one year with one drillship, commencing in the second quarter of 2011. The value of the contracts is approximately $160 million. The company has the option to use either of the OceanRig Corcovado or the OceanRig Olympia.
