In 2007, on Economou's initiative, DryShips purchased 30 percent of Norwegian deepwater drilling firm Ocean Rig for $405 million, a move that proved controversial with DryShips' shareholders. It paid a $4 million brokerage fee to Economou's privately-held Cardiff Marine for arranging the deal, raising accusations of self-dealing, and analysts speculated that Economou was using DryShips' balance sheet to facilitate his own investments in offshore drilling. With Tuesday's announcement, DryShips' three-member board - recently reduced from a previous total of six, and headed by chairman and CEO Mr. Economou - unwinds that arrangement, selling back the entirety of the firm's current 40 percent stake in Ocean Rig to an Ocean Rig subsidiary for $50 million. (Mr. Economou is also chairman, president and CEO of publicly traded Ocean Rig, and holds five percent of its shares.)