Deep Value Driller AS announced that Saipem has exercised an option to amend the bareboat charter for the 7th generation mobile offshore drilling vessel, Deep Value Driller, as per an option agreement dated March 7, 2025, according to the company's release.
The option allowed Saipem to enter into an amended bareboat charter until April 14, 2025.
The amended bareboat charter, signed between Saipem and Deep Value Driller Ltd., a wholly-owned subsidiary of Deep Value Driller AS, will commence on July 1, 2025, for a period of 365 days, referred to as the Initial Period.
Saipem has the option, within the first six months of the Initial Period, to extend the charter for an additional 365 days, termed the Second Period.
The Initial Period is expected to generate a revenue backlog of USD 54-55 million for Deep Value Driller AS, assuming no idle periods or reduced rates as stipulated in the amended charter.
Additionally, Saipem has been granted an option to purchase the Deep Value Driller drillship following the option exercise.
Deep Value Driller AS is a Norway-based company focused on owning and operating drillships. Its primary asset is the Deep Value Driller, a 7th generation ultra-deepwater (UDW) drillship built in 2014.
Saipem is an Italian multinational company specializing in engineering, construction, and drilling services for the energy and infrastructure sectors. Headquartered in Milan, Saipem operates globally, providing offshore and onshore solutions, including drilling services for oil and gas exploration and production.