Norwegian drillship owner Deep Value Driller has decided to sell its seventh-generation drillship Deep Value Driller to Eldorado Drilling after having received a higher bid, cancelling the recently announced sale agreement with Italy’s engineering, drilling, and construction services giant Saipem.

It was reported on February 17 that Deep Value Driller had entered into an agreement with Saipem for the sale of the vessel for a total purchase price of $272.5 million, completely payable in cash, with the execution of the final agreement subject to, among other things, the approval of the respective Boards of Directors.

On February 24, Saipem informed that the transaction had been authorized by its Board of Directors.

However, the Italian company reported a day later that the acquisition would not be completed as Deep Value Driller had decided to proceed with the sale of the vessel to a third party, as communicated to the market.

“Saipem reserves the right to take any appropriate legal action to safeguard its interests and rights in any forum, without exception,” the company reported.

In an announcement by energy law firm Baker Botts, it was revealed that Eldorado Drilling, an offshore drilling player backed by a group of Norwegian investors, will purchase the ultra-deepwater drillship for $300 million, all-cash. The company has funded an initial $70 million signing installment, with the remaining $230 million balance payable at closing, expected in the third quarter of 2026.

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