Reference is made to the stock exchange announcement made by Deep Value Driller (DVD), and together with its subsidiaries, on 17 February 2026 regarding the agreement to sell the Group's 7th generation mobile offshore drilling vessel 'Deep Value Driller' to Saipem for a total purchase price of USD 272.5 million payable in cash, subject to final board approvals by the board of Saipem and the board of DVD, to be lifted within 25 February 2026.
Following the DVD’s announcement on 17 February 2026, the Company received an unsolicited offer from Eldorado Drilling to acquire the Drillship for a price of USD 300 million payable in cash.
After an assessment of the available options and acknowledging the Board of DVD’s duties to act in the best interest of its shareholders, the Board of DVD has concluded that a sale of the Drillship to Eldorado Drilling for USD 300 million was the best available alternative and has today entered into a binding agreement (the 'SPA') to sell the Drillship to Eldorado Drilling. The Board of DVD also decided not to give its final approval of the Saipem Agreement.
The SPA is not subject to any due diligence, regulatory or financing closing conditions, moreover, Eldorado Drilling has today paid a signing instalment of USD 70 million to a bank account held by DVD.
Delivery and payment of the remaining USD 230 million of the Purchase Price for the Drillship is expected to take place in the third quarter of 2026.
DVD has agreed with the lender an extension of the maturity date under its USD 125 million senior secured term loan facility agreement to 1 August 2026 with an option for DVD to extend the maturity date of the Loan Facility further until 1 November 2026.
DVD will continue to return all available free cash to shareholders including net bareboat charter hire as well as net proceeds from the Transaction.
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
