Norwegian rig owner Deep Value Driller has agreed to sell its seventh-generation drillship Deep Value Driller to Eldorado Drilling for $300m, after a last-minute higher bid derailed a previously announced deal with Italy’s Saipem.
The company had announced earlier this month that it planned to sell the 2014-built ultra-deepwater unit to Saipem for about $272.5m, subject to final board approvals. Shortly after the announcement, Eldorado submitted an unsolicited cash offer worth $27.5m more, prompting Deep Value Driller to switch buyers.
The board said the Eldorado proposal offered better value for shareholders and decided not to grant final approval to the Saipem transaction.
The new deal is unconditional, with no due diligence, regulatory, or financing requirements, Deep Value Driller said. Eldorado has already paid a $70m signing instalment, with the remaining $230m due on delivery, expected in the third quarter of 2026.
Deep Value Driller has also agreed with lenders to extend the maturity of its $125m senior secured loan facility to August 1, 2026, with an option to push the deadline to November 1. The company said it intends to return available free cash to shareholders, including proceeds from the sale and income from the vessel’s bareboat charter, once the transaction is completed.
Established in 2022, Neil Hall-led Eldorado Drilling currently owns the seventh-generation drillship Atlantic Zonda and previously sold two drillships to Turkey’s state oil company TPAO.
