BANGALORE (Thomson Financial) - Standard & Poor's Ratings Services said it
has placed Ocean Rig Norway A.S.'s 'B' long-term corporate credit rating (CCR)
on positive watch, following Greece-based DryShips Inc. raising its stake in the
company to 49.9 percent from 30 percent.
George Economou chairman and chief executive of DryShips privately holds 4.4
percent of the Oslo stock exchange listed offshore drilling services company.
Dry Ships is expected to commence a mandatory offer for the remaining stake
in Ocean Rig within four weeks.
The placement reflects a potential improvement in credit quality, pending
closure of the transaction, S&P said.
TFN.newsdesk@thomsonreuters.com
bsu
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