Saipem has said that it will no longer pursue the acquisition of the Deep Value Driller drill-ship after Deep Value Driller AS, the owner of the vessel, informed the market of its decision to sell to a third-party buyer.
Earlier this month, Saipem and Deep Value Driller AS reached an agreement on the main terms and conditions for the transaction, with completion subject to approval from both companies’ Boards of Directors.
Saipem’s board gave its authorisation for the deal on 24 February 2026.
The vessel is currently under a bareboat charter between Saipem (Portugal) Comércio Marítimo, Sociedade Unipessoal, a Saipem subsidiary, and DVD. The charter is set to end on 31 July 2026, with the unit currently operating in Indonesia.
Following the cancellation of the agreement, Saipem said it reserves the right to pursue any legal action necessary to protect its interests and rights in any forum, without exception.
The company stated in its latest financial disclosures that cancelling the Deep Value Driller acquisition will improve its post-International Financial Reporting Standards (IFRS) 16 net financial position by €226m as of 31 December 2025. It also expects a reduction in Right of Use assets.
Saipem also confirmed that its guidance for 2026 remains unchanged, with revenue forecast to be around €15.5bn. The company’s expected capital expenditure for this year is anticipated to be nearly €450m, after omitting the cash out for the purchase of the Deep Value Driller.
In October 2025, Saipem reported the award and extension of several offshore drilling contracts worth up to $135m, supporting the company’s operations in West Africa, the Mediterranean and the Far East.
The Santorini drill-ship will remain active in Ghana and Côte d’Ivoire for Eni Ghana Exploration & Production and Eni Côte d’Ivoire.
“Saipem drops Deep Value Driller deal after third-party sale” was originally created and published by Offshore Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
