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.
Fool contributor Travis Hoium manages an account that owns shares of Seadrill. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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