DryShips exercises drill ship options

Greek dry-bulk carrier DryShips Inc has exercised its option to acquire two ultra deep water drill ships with expected delivered cost of about $800 million per unit. The drill ships are to be constructed by Samsung Heavy Industries and are expected to be delivered in the third quarter of 2011.

Early this week, DryShips had taken a controlling stake in Norway-based oil rig group Ocean Rig and will bid for the rest of the stock. The offer valued all of Ocean Rig at about $1.53 billion.