DryShips Inc. (NASDAQ: DRYS) shares were downgraded from a Buy to Hold rating by analysts at Dahlman Rose earlier this week.
The downgrade had seemingly little effect on DryShips shares, which rose 0.7% after the rating. DryShips shares, however, are down more than 7% year-to-date. The stock is expected to remain in focus ahead of the company�s fourth-quarter earnings release.
DryShips last month announced that its wholly owned subsidiary, Ocean Rig UDW, entered into firm contracts with Cairn Energy Plc for Leiv Eiriksson and the Ocean Rig Corcovado for a period of around six months. The two contracts are worth almost $235 million.
George Economou, chairman and CEO of DryShips, said last month that the company is able to offer the customer a package solution due to the highly specialized nature of its semi-submersibles and also the state of the art drillships. Economou said that with signing of the two new contracts, the company is now left with only one drillship, the Ocean Rig Mykonos.
DryShips announced its third-quarter financial results in November, reporting third-quarter net income of $49.3 million, or $0.18 per basic and diluted share. The company reported adjusted EBITDA of $168.1 million for the third quarter of 2010.
For the third quarter of 2010, the company�s drybulk carrier segment registered net voyage revenues of $108.1 million, down $6.7 million over the same period in 2009. The company�s offshore drilling segment reported third-quarter revenue of $110.4 million, up $8.7 million over the same period in 2009.
DryShips is an Athens, Greece-based owner and operator of drybulk carriers and offshore oil deep water drilling units that operate globally. At the end of the third quarter of 2010, the company owned a fleet of 39 drybulk carriers.
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