BRIEF-Ocean Rig UDW agrees to lend its parent company, Dryships Inc. up to $120 mln

lunes 20 de octubre de 2014 09:43 GYT

Oct 20 (Reuters) - Ocean Rig UDW Inc

* Ocean Rig UDW Inc announces recent developments

* Says has agreed to lend its parent company, Dryships Inc. up to $120 million of immediate liquidity through a short-term unsecured loan

* Says proceeds will be used, if needed, to repay Dryship's 5 pct convertible notes maturing in Dec. 1

* Says has been awarded extensions of contracts for drillships Ocean Rig Corcovado and Ocean Rig Mykonos by Petróleo Brasileiro

* Says to pay end-September cash dividend of $0.19 per share on or about Nov. 11

* Says signed amendment with Total E&P Angola to extend exercise option date to extend term of contract for two one-year periods

* Says does not believe that current stock price of Ocean Rig reflects true value of company, which stock price has be adversely affected by recent volatility of oil price Source text for Eikon: Further company coverage: