Italy’s engineering, drilling, and construction services giant Saipem has taken steps to make changes to a deal outlining the duration a chartered seventh-generation drillship will spend in its rig fleet.
Originally, Saipem ironed out a three-year firm bareboat charter agreement with Deep Value Driller for the Deep Value Driller drillship in 2023. The deal came with the possibility of a further one-year extension. Thanks to a $400 million drilling assignment, the rig was selected to work for Eni at the Baleine oil and gas field offshore Ivory Coast in West Africa.
Deep Value Driller revealed in March 2025 the entry into an option agreement with the Italian giant, whereby the charterer was granted an option until April 14, 2025, to enter into an amended bareboat charter for the firm’s seventh-generation mobile offshore drilling unit (MODU).
According to the rig owner, Saipem has now exercised this option to amend the bareboat charter. As a result, the charter will cover 365 days from July 1, 2025, and include an option for the charterer to extend the initial period with an additional 365 days within the first six months.
The amended bareboat charter will add around $54-$55 million in revenue backlog, assuming no idle period for the drillship or other periods where reduced rates may apply. Following the exercise of the extension, Saipem has been granted an option to buy the rig.
The 2014-built Deep Value Driller GustoMSC P10000 drillship is capable of operating in water depths of up to 10,000 feet (3.05 kilometers). With a maximum drilling depth of 40,000 feet (12.19 kilometers), the MODU can accommodate 210 people.
Saipem has won multiple assignments across geographies, including its most recent offshore contracts in the Middle East and Guyana, which came shortly after the Italian giant picked a flotel to support its work at the Chevron-operated subsea gas compression development in Western Australia.