Saipem has agreed to acquire the 7th generation 12,000 ft (3,658 m) drillship Deep Value Driller from Deep Value Driller AS (DVD) for a cash consideration of $272.5 million.
Delivery is expected to occur before the current bareboat charter expires on 31 July 2026, subject to customary closing conditions and final approvals by both boards. The companies expect those board approvals to be in place by 25 February 2026. Until closing, the bareboat charter stays effective and charter hire remains payable through 31 July 2026.
DVD said on 17 February 2026 that it reviewed available alternatives and, recognising that Saipem would not take up the purchase option on the original terms, its board considers the revised agreement the best outcome for shareholders.
Once the transaction is approved, DVD plans to continue monthly dividends from March 2026 until the end of the charter period, with the stated intention of distributing net sale proceeds to shareholders.
The agreement follows steps taken in late December 2025, when DVD extended the amended bareboat charter by 31 days to 31 July 2026 and extended the purchase option deadline to 16 February 2026.
The drillship has been on bareboat charter to Saipem since 2023 and has supported drilling work for Eni in Côte d’Ivoire and Ghana. In Q4 2025, the unit moved to Southeast Asia for a new Eni contract, underwent upgrades in Malaysia, and is currently working for Eni in Indonesia.
