NEW YORK, NY / ACCESSWIRE / July 20, 2017 / A jump in oil prices helped Transocean shares climb higher on Wednesday. The EIA reported that 4.7 million barrels were drawn from crude oil inventories last week which came in higher than forecasts. Shares of DryShips weren't so lucky yesterday after the company announced yet another reverse stock split that will take effect on July 21st.
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DryShips Inc.'s shares collapsed in Wednesday trading and closed down 39.84%. The stock even hit a new low of $0.50 in intra-day trading after the diversified owner of ocean going cargo vessels, announced yet again, another reverse stock split. The company made the announcement after the close on Tuesday. The last reverse split was announced last month on the 19th and took effect on the 22nd. After that split and announcement, it was three days of losses for the stock with nearly 50% lost from its share price. The new split just announced will be 1 for 7 and will be effective as of Friday, July 21st. DryShip's common shares will begin trading on a split-adjusted basis on the NASDAQ Capital Market that day. When the reverse stock split becomes effective on Friday, every seven shares of the Company's issued common stock will be automatically combined into one share of common stock.
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Transocean Ltd.'s shares closed up 6.47% yesterday and helped lead the market higher as a result of the energy market having a good day. Crude oil prices climbed over $0.75 per barrel, pushing it above the $47 mark. The company owns or has partial ownership interests in, and operates a fleet of 44 mobile offshore drilling units consisting of 30 ultra-deepwater floaters, seven harsh environment floaters, three deepwater floaters and four midwater floaters. The international provider of offshore contract drilling services for oil and gas wells will report earnings for the second quarter 2017 on Wednesday, August 2, 2017, after the close.
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