Saipem Moves to Acquire Deep Value Driller
Saipem has reached a significant agreement with Deep Value Driller AS (DVD) to acquire the Deep Value Driller, a state-of-the-art seventh-generation mobile offshore drilling unit, for $272.5 million (€230.43 million) in cash. The transaction is currently pending approval from the Boards of Directors of both companies and is expected to finalize by the end of the existing bareboat charter, which is set to conclude on July 31, 2026. The drilling unit is presently operational in Indonesia.
Strategic Acquisition and Future Plans
The acquisition of the Deep Value Driller aligns with Saipem’s strategy to bolster its offshore drilling fleet while maintaining a disciplined approach to capital allocation. The vessel is currently under a bareboat charter arrangement between Saipem (Portugal) Comércio Marítimo, a subsidiary of Saipem, and DVD. This charter is scheduled to end in mid-2026, after which Saipem aims to complete the purchase.
DVD’s decision to enter into this agreement followed a review of available options. The company recognized that Saipem would not exercise the purchase option under the original terms. DVD’s Board of Directors believes that this new agreement represents the best outcome for its shareholders. The acquisition is part of Saipem’s broader strategy to enhance its operational capabilities in offshore drilling, a sector that has seen increased demand in recent years.
In addition to this acquisition, Saipem has been active in securing contracts to expand its operations. In December 2025, the company won two offshore contracts in Saudi Arabia worth approximately $600 million, under a long-term agreement with Aramco. This includes a 32-month contract for the engineering, procurement, construction, and installation of pipelines. Furthermore, in October 2025, Saipem obtained additional contracts valued at up to $135 million, enhancing its presence in West Africa, the Mediterranean, and the Far East.
Saipem awarded an offshore EPC contract in Qatar worth approximately 4 billion USD
Operational Highlights and Future Outlook
The Santorini drillship, part of Saipem’s fleet, has been actively engaged in operations in Ghana and Côte d’Ivoire for Eni Ghana Exploration & Production and Eni Côte d’Ivoire. The vessel is set to continue its activities before transitioning to its next assignment in the Mediterranean. This ongoing operational success underscores Saipem’s commitment to expanding its drilling capabilities and maintaining a strong presence in key markets.
As Saipem moves forward with the acquisition of the Deep Value Driller, the company is poised to enhance its competitive edge in the offshore drilling sector. The strategic purchase, combined with recent contract wins, positions Saipem for continued growth and success in an evolving industry landscape.
