Saipem exercises bareboat charter of seventh-generation drillship

Italian oilfield services contractor Saipem has exercised an option to bareboat charterer drillship Deep Value Driller.

Oslo-listed Norwegian drillship owner Deep Value Driller reported the deal in an exchange filing. Saipem has entered an amended bareboat charter for Deep Value Driller that will cover a year starting 1 July 2025, with an option to extend an additional year. The option would have to be exercised within the first six months of the initial charter.

The initial charter will add in the range of US$54-55M in revenue backlog to Deep Value Driller’s backlog, assuming there is no idle period for the drillship or other periods where reduced rates may apply as per the amended bareboat charter, according to the Norwegian owner. Saipem also holds a conditional option to purchase the 2014-built drillship.

Based on a GustoMSC P10,000 design, Deep Value Driller was constructed by Hyundai Heavy Industries, with the ability to operate in 3,000 m of water at drilling depths of 12,000 m. The Bahamas flag-drillship is in the Gulf of Guinea offshore the Ivory Coast.