Saipem to acquire Deep Value Driller drillship for $272.5 million

Type: Acquisition · Technology: Oil Gas · Country: Indonesia · Value: $272.5M · Announced: 2026-02-17

Saipem announced an agreement to acquire the seventh-generation mobile offshore drilling unit Deep Value Driller from Deep Value Driller AS for $272.5 million. The Deep Value Driller is currently operating in Indonesia under a bareboat charter agreement with a Saipem subsidiary until July 31, 2026. The acquisition aligns with Saipem’s strategy to strengthen its offshore drilling fleet while maintaining a disciplined approach to capital allocation. Completion of the transaction is expected by the expiration of the existing bareboat charter, set for July 31, 2026, subject to approval by the Boards of Directors of both Saipem and DVD.

Analysis

Saipem's agreement to acquire the seventh-generation mobile offshore drilling unit Deep Value Driller for $272.5 million represents a strategic internalization of a critical operational asset. The drillship is currently under a bareboat charter agreement with a Saipem subsidiary, operating in Indonesia, a contract that extends until July 31, 2026. This acquisition ensures Saipem secures long-term control over a key piece of its offshore drilling fleet, aligning with its stated strategy to strengthen these capabilities while maintaining a disciplined approach to capital allocation. The deal structure, with completion expected by the existing charter's expiration, suggests a seamless transition of ownership and continued operational continuity for the asset. Board approvals from both Saipem and Deep Value Driller AS are the remaining conditions for the transaction. For Lysaker-based Deep Value Driller AS, the sale of the Deep Value Driller, previously known as 'Deepsea Metro I', marks a significant divestment for the offshore drilling contractor focused on oil and gas exploration and production. This transaction provides a substantial capital injection for Deep Value Driller AS, potentially reshaping its future portfolio or strategic direction. Saipem, a global leader in engineering, procurement, construction, and installation (EPCI) services, particularly for complex energy and infrastructure projects, enhances its direct asset base with a unit it already operates. This move solidifies Saipem's operational control over a high-spec drilling asset in Indonesia, directly supporting its core EPCI activities and offshore project execution capabilities.

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Counterparties

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