Slowly but surely, DryShips
The move has sunk shares of both companies this week, but it could be positive for the drilling arm over the long term. DryShips owned a 73.9% stake before the sale, and although this will only cut the stake by 8% at maximum, it's a start; the further away Ocean Rig can get, the better.
The company is the purest play on ultra-deepwater drilling, where Seadrill
The question is whether or not George Economou will continue to be CEO of DryShips and continue to cut its ownership stake. The man has a bad history of destroying shareholder value and profiting personally from deals with his companies. If Ocean Rig can get away it would be a good step.
For now, both stocks are sinking along with the market. But, as DryShips steps further away from Ocean Rig, the more I like the driller. Its market position is good and profits should only increase as more rigs are completed.