UPDATE 1-DryShips signs contract with Petrobras

[Joanne98]

* Says signs contract with Petrobras for $630 mln

* Says contract for deepwater exploration in the Black Sea

* Shares up 4 pct in trading before the bell

April 14 (Reuters) - Greek dry bulk carrier DryShips Inc (DRYS.O) said its unit signed a three-year contract worth $630 million with Brazil's Petrobras (PETR4.SA)(PBR.N) for exploration drilling in the Black Sea.

Shares of the company were up 4 percent in trading before the bell.

The Greek dry bulk carrier said its unit, Ocean Rig ASA, struck the deal for its semi-submersible rig, the Leiv Eiriksson.

The contract is expected to commence in direct continuation from DryShips' current contract with Royal Dutch Shell (RDSa.L) and includes about 60 days of mobilization, disassembly and reassembly of the derrick structure, and an incentive bonus of 8 percent, the company said.

Shares of DryShips were trading up 18 cents at $5.25 in trading before the bell. They had closed at $5.07 Monday on Nasdaq.

http://www.reuters.com/article/marketsNews/idAFBNG46640120090414?rpc=44

http://finance.yahoo.com/q?s=DRYS