Saipem will not move forward with its planned purchase of the drillship Deep Value Driller after seller Deep Value Driller decided to sell the unit to Eldorado Drilling following a higher unsolicited cash offer.
Saipem said on Wednesday that completing the transaction was no longer possible because the Norwegian seller opted to proceed with a third-party sale. Earlier the same day, Deep Value Driller said it received an unsolicited proposal from Eldorado Drilling to buy the drillship for $300 million in cash, after the 17 February joint announcement of an intended sale to Saipem for $272.5 million, subject to board approvals.
According to Deep Value Driller, its board determined the $300 million offer represented the strongest available option. The company added it has entered into a binding agreement with Eldorado Drilling and, as a result, did not grant final approval to the prior arrangement with Saipem.
While the drillship changes hands, the unit remains employed offshore Indonesia under a bareboat charter between Saipem’s Portuguese subsidiary and Deep Value Driller, with the contract running until July 2026.
Built in 2014, Deep Value Driller can operate in water depths of up to 12,000 feet and is rated to drill to 40,000 feet.
Following the change in outcome, Saipem said it may pursue legal remedies to protect its interests across any relevant jurisdiction. The contractor also reiterated that it had stated on Tuesday, alongside its quarterly results publication, that not completing the acquisition would improve its net financial position by €226 million ($266.9 million) at the end of 2025.
