Saipem Modifies Charter Agreement for Deep Value Driller Drillship

Italy’s engineering, drilling, and construction services giant Saipem has made changes to a deal involving the charter duration of a seventh-generation drillship in its rig fleet.

Saipem originally signed a three-year firm bareboat charter agreement with Deep Value Driller for the Deep Value Driller drillship in 2023, with a possible one-year extension. The rig was assigned to work for Eni at the Baleine oil and gas field offshore Ivory Coast in West Africa, thanks to a $400 million drilling assignment.

In March 2025, Deep Value Driller entered into an option agreement with Saipem, granting the charterer an option until April 14, 2025, to enter into an amended bareboat charter for the MODU.

Saipem has now exercised this option, amending the bareboat charter to cover 365 days from July 1, 2025, with an option for the charterer to extend the period by another 365 days within the first six months. This amendment is expected to add approximately $54-$55 million in revenue backlog.

The Deep Value Driller GustoMSC P10000 drillship, built in 2014, can operate in water depths of up to 10,000 feet and has a maximum drilling depth of 40,000 feet, accommodating 210 people.

With recent offshore contracts in the Middle East and Guyana, Saipem continues to secure assignments globally. The company also selected a flotel to support its work at the Chevron-operated subsea gas compression development in Western Australia.

Overall, Saipem’s strategic moves and modifications to the charter agreement demonstrate its commitment to optimizing operations and maximizing revenue potential in the offshore drilling sector.