Reuters: Deals: DryShips drilling unit signs offshore Africa deal

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DryShips drilling unit signs offshore Africa deal Apr 9th 2012, 13:43 Mon Apr 9, 2012 9:43am EDT (Reuters) - Ocean Rig UDW Inc (ORIG.O) OCRG.NFF, the drilling unit of DryShips Inc (DRYS.O), said a major oil company had awarded a contract for one of its rigs to drill in offshore West Africa. Ocean Rig, in which DryShips owns a 73.9 percent stake, said the three-year contract has an estimated backlog of $652 million. Nicosia, Cyprus-based Ocean Rig said it no longer has any rigs available in 2012, with this latest contract for its ultra deepwater drillship "Ocean Rig Olympia. U.S.-listed shares of Ocean Rig, which went public in October last year, were slightly down at $16.94 in early trading on Monday on the Nasdaq.

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