Norway-based Deep Value Driller has made a deal with Italian offshore engineering and construction giant Saipem to amend the bareboat charter for the seventh-generation drillship Deep Value Driller. The agreement comes in the form of an option. If Saipem wants to exercise the option it must do so by April 14, 2025. If the option is exercised, the period under the current bareboat charter will be considered completed on July 1, 2025, and the amended bareboat charter will last for 365 days from the completion date. Saipem will have the option to extend the charter with an additional 365 days within the first six months of the amended deal. The amended charter will add around $50m in revenue company for the first 365 days, assuming that there will be no idle period for the drillship. If the option is not exercised by Saipem within the option deadline, the Italian firm have to make a one-time payment to Deep Value Driller of $10m in cash. If the initial option is exercised, Saipem will also be granted an option to purchase the drillship within the first 180 days of the initial period for $300m, plus payment of the remaining hire for the initial period. The 2014-built drillship, formerly known as Bolette Dolphin, won the deal for Saipem in February 2023 and started work in the summer of that year. The deal was for three years with options to extend. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsItaly Norway