Dryships DRYS Petrobras Deal 3/19/09

Dryships ( DRYS ) stock is exploding to the upside today is their subsidiary Ocean Rig is in a deal with Petrobras for deep water drilling. Drys is trading at $5.35 on this news.

DryShips announced today that its wholly-owned subsidiary Ocean Rig ASA has received a Letter of Award from Petrobras for a 3-year period employment contract for exploration drilling in the Black Sea. The 3 year term includes mobilization, disassembly and reassembly of the derrick structure for transit through the Bosporus Strait. The contract is expected to commence in direct continuation from the current contract with Shell. The contract value is approximately USD 630 million including an estimated 60 days of mobilization, disassembly/reassembly of the derrick structure and an incentive bonus of 8%. Full Article

Drys is back over the $5 mark so if we get a close over this level we could see additional fund buying come into the stock. I just wish they would release earnings so I could take more risk. If everything is ok with earnings, you could see Drys head back toward $10. This is a big " IF "

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