UPDATE 1-DryShips gets covenant waiver for $86 mln loan facility

* Inks deal with DnB NOR on waiver * Facility covers two drybulk vessels * Shares rise as much as 3 pct

June 18 (Reuters) - Greek shipping firm DryShips Inc (DRYS.O) said it agreed with DnB NOR Bank on waiver terms for an $86 million credit facility that covers two of its drybulk vessels.

Last month, the company had said it reached an agreement with the bank on the terms of the waiver.

DryShips did not disclose specific terms of the waiver.

Shares of the company were up 1 percent at $6.36 in morning trade on the Nasdaq. The stock has traded in a range of $2.72 to $84.73 in the last one year. (Reporting by Hezron Selvi in Bangalore; Editing by Gopakumar Warrier)