Ocean Rig Agrees To Lend Parent DryShips $120 Mln

(RTTNews) - DryShips Inc. (DRYS) said Monday that its majority owned subsidiary, Ocean Rig UDW Inc. (ORIG) has agreed to provide DryShips with $120 million of immediate liquidity through a short-term unsecured loan.

The proceeds will be used, if needed, to repay DryShips' 5% Convertible Notes maturing on December 1, 2014.

Ocean Rig has declared its third consecutive quarterly cash dividend with respect to the quarter ended September 30, 2014, of $0.19 per share, payable on or about November 11 to shareholders of record as of October 31.

DryShips also said it expects its third quarter EBITDA to be within the range of $265 million to $300 million.