Saipem has reached an agreement to acquire the ultra-deepwater drillship Deep Value Driller from the Norwegian company Deep Value Driller (DVD) for $272.5 million, as part of a nearly $300 million expansion of its fleet.

Drillship Specifications and Current Operation

Built in 2014, the drillship is capable of operating in water depths up to 12,000 feet and drilling to depths of 40,000 feet. It is currently operating offshore Indonesia under a bareboat charter agreement between Saipem's Portuguese subsidiary and DVD, which is set to expire on 31 July 2026.

Transaction Details and Strategic Rationale

The finalization of the binding purchase agreement is pending approval from the boards of both companies, with the closing expected no later than the expiry of the existing charter. Saipem stated that the acquisition aligns with its strategy to expand its offshore drilling capabilities while maintaining strict control over capital allocation. The drillship, which can accommodate up to 210 people, is described as one of the most technologically advanced for ultra-deepwater activity, equipped with high-efficiency systems for year-round global operations.

Impact on Saipem's Fleet

This acquisition would increase Saipem's offshore drilling fleet, which currently consists of 12 rigs, nine of which are owned by the company.