Deep Value Driller Enters Agreement with Saipem to Amend Bareboat Charter

Norway-based Deep Value Driller has reached a significant agreement with Italian offshore engineering and construction giant Saipem to amend the bareboat charter for the seventh-generation drillship, Deep Value Driller.

The deal includes an option that allows Saipem to exercise it by April 14, 2025. If the option is exercised, the current bareboat charter period will be considered completed on July 1, 2025, with the amended charter lasting for 365 days from the completion date.

Under the terms of the amended charter, Saipem will have the opportunity to extend the charter for an additional 365 days within the first six months of the amended deal.

The amended charter is expected to bring in approximately $50 million in revenue for the first 365 days, assuming no idle period for the drillship. In the event that Saipem does not exercise the option within the deadline, a one-time payment of $10 million in cash will be due to Deep Value Driller.

If the initial option is exercised, Saipem will also be granted an option to purchase the drillship within the first 180 days of the initial period for $300 million, in addition to the remaining hire payment for the initial period.

The Deep Value Driller, formerly known as Bolette Dolphin and built in 2014, secured the deal with Saipem in February 2023 and commenced operations in the summer of the same year. The initial agreement was for three years with options to extend.