DryShips Unloading Ocean Rig UDW Shares (ORIG, DRYS)

The underwriting group is rather large for an offering of this size: Deutsche Bank Securities, Credit Suisse, Evercore Partners, Raymond James, Simmons & Company, ABN AMRO, and COMMERZBANK.

Based upon the most recent share price, the offering would be close to 6 million shares at the full $100 million.

Ocean Rig UDW will not receive any proceeds from the sale of the common shares by the selling shareholder.  DryShips intends to use the net proceeds from the sale of the common shares offered by this prospectus for general corporate purposes.   Ocean Rig UDW shares closed at $17.30 and their shares have traded in recent months since their debut in recent months in a range of $11.70 to $18.73.  Google Finance listed the market capitalization rate on a fully diluted basis for Ocean Rig UDW as being almost $2.3  billion and DryShips with a market cap of $1.4 billion.

FULL FILING

JON C. OGG