Deep Value Driller has agreed to sell its seventh-generation drillship Deep Value Driller to Eldorado Drilling for $300 million in cash, scrapping an earlier agreement to sell the vessel to Saipem for $272.5 million.
The Oslo-listed company has entered into a binding sale and purchase agreement with Eldorado after receiving an unsolicited offer, following its deal announcement with Saipem earlier in February. The board decided not to grant final approval of the Saipem agreement, citing its duty to act in the best interests of shareholders.
Under the new agreement, Eldorado has paid a $70 million signing instalment, with the remaining $230 million due at closing, expected in the third quarter of 2026. The transaction is not subject to due diligence, regulatory or financing conditions.
Deep Value Driller had previously agreed to sell the ultra-deepwater unit to Saipem for $272.5 million, subject to board approvals by both companies.
In a separate statement, Saipem said it would not be possible to complete the acquisition as a result of the seller’s decision to proceed with a third-party sale. The Italian engineering and drilling contractor said it reserves the right to take any appropriate legal action to safeguard its interests and rights in any forum, without exception.
The Deep Value Driller is a high-specification ultra-deepwater drillship built in 2014 to the GustoMSC P10000 design. It can operate in water depths of up to 10,000 feet and drill to depths of 40,000 feet, and is capable of accommodating 210 people.
The vessel is currently operating in Indonesia under a bareboat charter agreement between Deep Value Driller and Saipem (Portugal) Comércio Marítimo, Sociedade Unipessoal, Lda, a Saipem subsidiary, which runs until July 31, 2026.