Norway-based Deep Value Driller has agreed to sell the 7th-generation drillship of the same name to Italian offshore engineering and construction giant Saipem.

The two agreed on an extension of the bareboat charter of the 2014-built drillship Deep Value Driller, formerly known as Bolette Dolphin, for a firm period of 31 days until July 31, 2026, in late December 2025. They also agreed to extend the deadline of the purchase option for the rig until February 16.

Saipem bought the drillship for a total purchase price of $272.5m payable in cash. The original price was set at $300m.

Deep Value Driller said that, after an assessment of available options and acknowledging that Saipem was not going to exercise the purchase option at the original terms, it adjusted the price, which it believes “provides the most favourable outcome for the company’s shareholders”.

Completion of the transaction with delivery of the drillship is expected to take place sometime prior to the expiry of the existing bareboat charter arrangement. The charter hire will remain payable until the end of the fixed term.

Deep Value Driller intends to continue paying a monthly dividend from March 2026 until the end of the bareboat charter, with the net proceeds from the sale of the rig to be distributed to shareholders.