$120m in ATM

DryShips has sold roughly three-quarters of its $500m share offering and has forged a new sales agreement to sell the rest.

The Nasdaq-listed bulker and drilling unit owner told US securities regulators Friday that it has so far issued nearly 71.3 million new shares under the offering.

DryShips CEO George Economou

Now, the owner has forged an agreement with Merrill Lynch to sell the remaining $120m in the offering though a similar at-the-market (ATM) equity offering.

As TradeWinds has reported, DryShips filed a $500m at-the-market shelf offering in January. By 23 February, analyst Scott Burk estimated that the offering was more than halfway over.

Company shares inched up by 0.6% Friday to hit $5.31 in midday trading.

Based in Athens, George Economou-led DryShips owns 42 bulkers totalling 3.4 million dwt, as well as two drilling rigs and four drillship newbuildings.

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