DryShips unit to drill offshore Falkland Islands

Argentina won’t be in George Economou’s vacation plans, most likely.

DryShips Inc. (NASDAQ: DRYS) reports that its fully-owned subsidiary Ocean Rig UDW Inc has signed a contract with Borders & Southern Petroleum plc is for a two well contract for exploration drilling offshore the Falkland Islands for a period of about 90 days, commencing in the fourth quarter of 2011, immediately after the completion of the current contract. The contract value is approximately $77 million. There are three further optional wells that could extend the contract by 135 days.

November 21, 2010