DryShips Is On The Move

DryShips Inc

today secures first DrillShip Contract. In a research report Oppenheimer writes "DRYS announced a letter of award for a drilling contract for its first drillship that will pay $135M for 300 days ($450K/day) beginning 2Q11 to drill offshore West Africa. This is a positive catalyst for the stock, as the company will now be able to obtain $400M of debt financing necessary to make the final $330M of delivery payments on this ship. The company is also indicating employment interest in the other three drillships. DryShips has one of the largest dry-bulk fleets listed in the U.S., with 41 ships having a capacity of over 3.6 billion dwt. DRYS' current fleet comprises 7 Capesize, 30 Panamax, 2 Supramax, in addition to 2 UDW drilling rigs and 4 new buildings." DRYS stock is up 8.72% today to $4.86.