Acquisition
Saipem to Acquire Deep Value Driller's Seventh-Gen Drillship for $272.5M
•February 17, 2026
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Why It Matters
The acquisition bolsters Saipem’s deepwater drilling capacity, positioning it for upcoming offshore projects, while delivering immediate shareholder value for Deep Value Driller.
Key Takeaways
- •Saipem pays $272.5M cash for seventh-gen drillship.
- •Transaction closes before July 31, extending current charter.
- •Drillship can drill 40,000 ft in 10,000 ft water.
- •Capacity for 210 crew enhances Saipem's offshore capabilities.
- •Deep Value Driller to distribute sale proceeds as dividends.
Pulse Analysis
The offshore drilling sector is entering a phase of renewed investment as energy firms chase deepwater opportunities in the Atlantic and Pacific basins. Saipem’s decision to acquire a seventh‑generation drillship reflects a strategic push to expand its fleet with high‑specification assets that can meet the demanding requirements of ultra‑deep projects. By securing a vessel capable of operating in 10,000‑foot water and drilling to 40,000 feet, Saipem not only enhances its technical portfolio but also gains a competitive edge in bidding for contracts that require such depth capabilities.
Beyond the technical merits, the GustoMSC P10000’s design offers operational efficiencies that translate into lower day‑rate costs and faster mobilization. Its accommodation for 210 crew members supports extended campaign durations, reducing the need for frequent personnel rotations. These factors are increasingly important as operators seek to minimize downtime and maximize well productivity in challenging environments. The acquisition also signals confidence in the long‑term demand for deepwater drilling, despite broader market volatility.
For Deep Value Driller, the $272.5 million cash transaction provides a clear exit strategy that strengthens its balance sheet and enables a steady dividend stream for shareholders. The company’s plan to distribute proceeds from the sale underscores a shareholder‑first approach, likely improving investor sentiment. In the wider industry context, the deal illustrates how asset‑light operators can monetize high‑value rigs while service providers like Saipem consolidate capacity to capture a larger share of the offshore drilling market.
Deal Summary
Italian engineering and drilling services giant Saipem has agreed to purchase the seventh‑generation drillship from Norwegian owner Deep Value Driller for $272.5 million in cash. The deal was announced on February 17, 2026, with completion expected before the existing bareboat charter expires on July 31.
Article
Source: Offshore Energy
Saipem to buy seventh‑gen Deep Value Driller drillship for $272.5 million
February 17, 2026 – Nadja Skopljak
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.
Deep Value Driller drillship; Source: Deep Value Driller
In the announcement of the amended bareboat charter extension of the Deep Value Driller seventh‑generation drillship with Saipem on December 29, the two parties also revealed their agreement to extend the purchase option for the 2014‑built drillship until February 16.
The drillship owner reported today, February 17, that the agreement to sell the vessel to Saipem will be settled for 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
The transaction’s completion, with 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 and final board approvals, which are to be obtained 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 paying a monthly dividend from March 2026 until the end of the bareboat charter, with the intention of distributing the net proceeds from the sale of the rig to shareholders.
The GustoMSC P10000 drillship is capable of operating in water depths of up to 10,000 feet (3.05 km) and has a maximum drilling depth of 40,000 feet (12.19 km). The mobile offshore drilling unit (MODU) can accommodate 210 people.
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