UPDATE 1-DryShips to buy back up to $25 mln shrs of rig unit

* Says to buy shares for maximum price of 17.50 apiece

* To buy shares through March 31

Dec 22 (BestGrowthStock) – Dry cargo shipper and deepwater driller
DryShips Inc (DRYS.O: ) said it will buy back up to $25 million
of common stock of its drilling unit Ocean Rig UDW, a day after
closing a stake sale in the same unit.

DryShips, which will purchase the shares through March 31,
2011, said the shares will be bought in the open market or
through privately negotiated transactions for a maximum price
of $17.50 apiece.

Earlier this month, DryShips said it will sell about a
fifth of its drilling rig business shares for $500 million to
mainly Norwegian investors at $17.50 each, after which its
stake will fall to about 78-80 percent. [ID:nSGE6BE0B1]

Shares of DryShips, which are up about 13 percent since the
company announced the share sale early this month, closed at
$5.93 on Wednesday on Nasdaq.
(Reporting by Thyagaraju Adinarayan in Bangalore)

UPDATE 1-DryShips to buy back up to $25 mln shrs of rig unit