Deep Value Driller Secures Charter Extension with Saipem
Norway’s Deep Value Driller has successfully secured a 31-day extension for its bareboat charter agreement with Italian engineering giant Saipem for the seventh-generation drillship of the same name, originally known as Bolette Dolphin. This extension pushes the charter’s firm end date to July 31, 2026, and includes an agreement on a purchase option for the drillship, valued at $300 million.
Details of the Charter Agreement
The recent agreement between Deep Value Driller and Saipem not only extends the charter period but also provides flexibility for future negotiations. The charter for the 2014-built drillship has been extended until July 31, 2026, with a purchase option that can be exercised until February 16, 2026. The purchase price is set at $300 million, in addition to the remaining charter hire payment.
Furthermore, Saipem holds an option to extend the charter for an additional year, from August 1, 2026, to July 31, 2027. This option, however, must be exercised by the February 2026 deadline. Should Saipem choose to pursue this extension, the timeframe for purchasing the drillship will also be prolonged until December 31, 2026. This development marks a significant step in Saipem’s ongoing operations, as the drillship began work under their contract in the summer of 2023, following the initial three-year deal that included options for further extensions.
