The move to stop the $0.19 per quarter payout to shareholders is a sign of tough times driven by low oil prices.
The suspension will presumably have a significant adverse impact on Dryships as Ocean Rig is a subsidiary.
For the first three months of this year DryShips revenues from drilling contracts was four times voyage revenues.
DryShips has meanwhile announced that it has agreed to exchange the outstanding balance of $80m owed to Ocean Rig under a $120m exchangeable promissory note for 17.8m Ocean Rig shares.
The loan from OceanRig was set up to enable DryShips to pay a convertable bond coming up for redemption.
Both companies which have Economou as chairman and chief executive said the deal had been approved by independent directors.
No immediate quantification of the impact the Ocean Rig developments will have on DryShips was available but repayment of the loan improves the financial position of DryShips as did a recent $291m deal under which Economou is to buy six tankers from DryShips.
DryShips and Ocean Rig are Nasdaq listed companies. DryShips owns and operates 13 ultra deepwater drilling rigs while DryShips owns a fleet of 39 bulk carriers.
