Ocean Rig an offshore drilling contractor largely owned by George Economou run DryShips has reported a highly profitable third quarter result.

The company rang up a net profit of $49.1m or $0.37 a share on revenues of $226m over the three months.

This compares to a net profit of $50.2m or $0.49 per share on revenues of $114m through the same period of 2010.

Ocean