DryShips Unloading Ocean Rig UDW Shares (ORIG, DRYS)
Ocean Rig UDW Inc. (NASDAQ: ORIG) had a filing on Tuesday evening that allows DryShips Inc. (NASDAQ: DRYS), its principal shareholder, to offer up to $100,000,000 in common stock via a public stock offering. The underwriting group is rather large for an…
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.
JON C. OGG
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
