Reference is made to the stock exchange announcement made by Deep Value Driller, and together with its subsidiaries, on 29 December 2025, regarding extension of the Company's Amended Bareboat Charter with Saipem and extension of Saipem's exercise period for the purchase option to acquire the Group's 7th generation mobile offshore drilling vessel 'Deep Value Driller'.
DVD has announced an agreement to sell the Drillship to Saipem for a total purchase price of USD 272.5 million payable in cash.
After an assessment of available options and acknowledging that Saipem was not going to exercise the Purchase Option at the original terms, the Board of Directors of the Company believes that this agreement with Saipem 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 expiry of the existing bareboat charter arrangement on 31 July 2026, subject to customary Closing conditions, as well as final board approvals by the board of Saipem and the board of DVD, to be lifted within 25 February 2026. The existing bareboat charter arrangement with Saipem will remain in place until Closing occur, and charter hire will remain payable until 31 July 2026.
Following board approvals of the Transaction, DVD aims to continue to pay monthly dividend from March 2026 until the end of the bareboat charter where the intention is to distribute the net proceeds from the sale of the rig to the shareholders.
SB1 Markets AS is acting as financial adviser to DVD, and Wikborg Rein Advokatfirma AS is acting as legal adviser in connection with the transaction.
Source: Deep Value Driller
