UPDATE 1-DryShips inks deal on waiver terms for $70 mln of debt

* Agreement with Commerzbank and West LB

* Deal on waiver terms for $70 mln of outstanding debt * Stock up 1 pct

Nov 4 (Reuters) - Drybulk shipping and contract drilling company DryShips Inc (DRYS.O) said it signed an agreement with Commerzbank and West LB on waiver terms for $70 million of outstanding debt.

"We are now left with two facilities with aggregate outstanding debt of $117.5 million, where waiver agreements are close to finalization," Chief Executive George Economou said in a statement.

In October, the company reached an agreement with lenders Nord LB and West LB on waiver terms for $183 million of debt. [ID:nBNG457658].

Shares of the company were up 1 percent at $6.17 in morning trade on Nasdaq. (Reporting by Hezron Selvi in Bangalore; Editing by Aradhana Aravindan)