Norwegian drillship-owning company Deep Value Driller has entered into an agreement with Italy’s engineering, drilling, and construction services giant Saipem for the sale of its seventh-generation drillship for a total purchase price of $272.5 million.
In the announcement of the amended bareboat charter extension of the Deep Value Driller seventh-generation drillship with Saipem on December 29, the duo also revealed their agreement to an extension of the purchase option for the 2014-built drillship until February 16.
The drillship owner reported today, February 17, the agreement to sell the vessel to Saipem, with the total purchase price payable in cash.
“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 favourable outcome for the Company’s shareholders,” Deep Value Driller said.
The transaction completion, with the delivery of the drillship, is expected to take place sometime prior to the expiry of the existing bareboat charter arrangement on July 31, subject to customary closing conditions, as well as final board approvals, to be lifted by February 25.
The existing bareboat charter arrangement with Saipem will remain in place until closing, and charter hire will remain payable until July 31.
Following board approvals, Deep Value Driller aims to continue to pay a monthly dividend from March 2026 until the end of the bareboat charter where the intention is to distribute the net proceeds from the sale of the rig to the shareholders.
The GustoMSC P10000 drillship is capable of operating in water depths of up to 10,000 feet (3.05 kilometers) and has a maximum drilling depth of 40,000 feet (12.19 kilometers). The mobile offshore drilling unit (MODU) can accommodate 210 people.