Saipem has officially withdrawn from its planned acquisition of the Deep Value Driller drillship after the vessel’s owner, Deep Value Driller AS (DVD), opted to sell to another buyer.
The Italian engineering and offshore services company announced the cancellation on Wednesday, confirming it reserves the right to pursue legal action in any forum to protect its interests.
The decision comes just weeks after both firms reached an agreement on the key terms of the transaction, pending final approval from their respective boards.
Saipem’s board had given its authorisation for the acquisition on 24 February 2026, marking what was expected to be a strategic addition to its ultra-deepwater drilling fleet.
The Deep Value Driller is currently operating in Indonesia under a bareboat charter between Saipem (Portugal) Comércio Marítimo, Sociedade Unipessoal, a wholly owned subsidiary of Saipem, and DVD.
The charter arrangement is due to run until 31 July 2026.
Saipem did not disclose the identity of the third-party buyer.
In a statement, the company said the deal’s termination would have a positive near-term financial effect.
The cancellation is expected to improve Saipem’s post-IFRS 16 net financial position by €226 million (AU$372 million) as of 31 December 2025 and lead to a reduction in Right of Use (RoU) assets on its balance sheet.
Despite the shift, the group reaffirmed that its financial guidance for 2026 remains unchanged.
Saipem continues to project approximately €15.5 billion (AU$25.5 billion) in revenues for the year, with capital expenditure anticipated to reach around €450 million (AU$740 million).
The total excludes the previously expected cash outlay for the Deep Value Driller, which had been incorporated into earlier financial modelling.
Industry analysts have noted that while the aborted acquisition may simplify Saipem’s balance sheet, the company could face legal or contractual complexities related to the charter agreement and termination terms.
Saipem has indicated that it is reviewing all available legal remedies following the vessel’s sale to a third party.
The development follows a period of strong operational momentum for Saipem, particularly in offshore drilling.
In October 2025, the company announced the award and extension of drilling contracts valued at up to US$135 million across West Africa, the Mediterranean, and the Far East.
Among its active units, the Santorini drillship continues to operate in Ghana and Côte d’Ivoire, supporting projects for Eni Ghana Exploration & Production and Eni Côte d’Ivoire.
Saipem’s decision to drop the Deep Value Driller deal underscores the continued volatility of large-scale asset transactions in the offshore drilling sector, as owners and operators navigate shifting demand, charter rates, and capital discipline following several years of market recovery.
The company said it remains committed to its strategic priorities of strengthening capital efficiency, enhancing asset performance, and leveraging opportunities in offshore energy projects.