Saipem Agrees $272M Deal to Acquire Deep Value Driller Drillship

Saipem has reached agreement on the main terms and conditions to acquire the seventh-generation drillship Deep Value Driller for $272.5 million.

The Deep Value Driller is a high-specification ultra-deepwater drillship built in 2014, featuring GustoMSC P10000 design and able to accommodate 210 people.

The drillship is capable of operating in water depths of up to 10,000 feet (3 kilometers), with a maximum drilling depth of 40,000 feet (12.2 kilometers).

The drillship is currently operating in Indonesia under a bareboat charter agreement between the company Deep Value Driller and Saipem (Portugal) Comércio Marítimo, Sociedade Unipessoal, Lda, a subsidiary of Saipem. The charter runs until July 31, 2026.

Deep Value Driller confirmed the agreement to sell the vessel to Saipem for the same purchase price, following an earlier extension of the bareboat charter and Saipem’s purchase option exercise period announced in December 2025.

Completion of the transaction is subject to customary closing conditions and final approval by the boards of Saipem and Deep Value Driller. Board approvals are expected to be obtained by February 25, 2026, with delivery of the drillship anticipated prior to the expiry of the existing bareboat.

Saipem said the acquisition aligns with its strategy to strengthen its offshore drilling fleet while maintaining a disciplined capital allocation approach.

“After an assessment of available options and acknowledging that Saipem was not going to exercise the Purchase Option at the original terms, the Board of Directors of the Company believes that this agreement with Saipem provides the most favorable outcome for the Company's shareholders,” Deep Value Driller said in a statement.