DryShips Prices Secondary Offering for Ocean Rig (DRYS, ORIG)

DryShips Inc. (NASDAQ: DRYS) has priced a secondary offering of 10 million shares for its majority-owned subsidiary Ocean Rig UDW Inc. (NASDAQ: ORIG), at $16.25, essentially equal to last night’s closing price of $16.26. The shares being offered are owned by DryShips. The underwriters have 30-day over-allotment option for 1.5 million additional shares.

According to the press announcement:

Companies affiliated with our Chairman and Chief Executive Officer have agreed to purchase 1,900,000 common shares from us in the offering at the public offering price.

DryShips’ shares are up about 0.8% at $3.22 in the first few minutes of trading, in a 52-week range of $1.75-$4.82.

Ocean Rig’s shares are up nearly 5.5% at $17.15 in a 52-week range of $11.70-$18.73.