UPDATE 2-DryShips says no plans yet on further stock offer

* Says about $200 mln in debt still need covenant waivers

* Says 38 pct of remaining operating days in 2009 are spot

* Shares down 2 pct in morning trade (Adds details, analysts' comments, updates share movement)

By Sakthi Prasad

BANGALORE, June 1 (Reuters) - Greek shipping company DryShips Inc (DRYS.O) said on Monday it has no plans for a further at-the-market stock offering, and about $200 million of its debt would still need covenant waivers.

"There is nothing on the table right now. It (stock offering) is not something we have on the table to be considered by the board," Chief Executive George Economou said in a call with investors.

DryShips has raised about $1 billion of equity in two at-the-market stock offerings since January, which saw its share count shoot up from 43 million to about 258 million.

"No equity raises currently on the table, but we do not rule them out. However, given the recent improved outlook for DryShips, we would not be surprised at all to see more equity issued," analyst Urs Dur of Lazard Capital Markets said.

Economou also said all of the company's debt would be eventually classified as long-term debt.

In March, the company said it got a going-concern notice from its auditors and reclassified $1.8 billion of long-term debt as current.

"We raised cash not because we have been pressed by the banks, it is because we wanted to take advantage of opportunities," Economou said.

DryShips, which had secured loan covenant waivers for about $2 billion of its debt so far, said it still has about $200 million in debt that would require covenant waivers.

It also said it is continuing to work with its lenders to finalize covenant waivers already obtained.

"We note that the company still needs to secure covenant waivers for the remainder of its bank debt and raise approximately $1.1 billion in financing for Drillships 1837 and 1838," Cantor Fitzgerald analyst Natasha Boyden, who maintained her "sell" rating on the stock, said.

Last year, DryShips had agreed to buy two ultra deep water drillships for $1.6 billion and those newbuildings are yet to be contracted as well as financed.

Economou said financing for the newbuilding drillships will happen once the company signs long-term contracts for them.

The company, which had cut its capital expenditure by $2 billion to save cash, said it has about $1.8 billion in liquidity and has secured $1.6 billion in revenue. The shipping company said about 38 percent of remaining operating days in 2009 are exposed to short-term spot market, which can lead to revenue volatility, as opposed to relatively safer long-term charter contracts.

Boyden said nearly all of DryShips' spot exposure consists of Panamax fleet, which has lagged the Capesize market significantly.

"DryShips has 14 Panamax ships of its 37 ship dry bulk fleet exposed to the spot market," Lazard's Dur, who maintained his "hold" rating on the stock, said.

The current spot freight rate for a Panamax vessel is $22,155 per day, while that for a Capesize vessel is $60,236 per day, according to Reuters data.

Shares of the company were down 2 percent at $8.03 in morning trade on Nasdaq, lagging the broader Dahlman Rose Dry Bulk Shipping Index .DRCODSI, which is up 3 percent. (Editing by Ratul Ray Chaudhuri, Jarshad Kakkrakandy)