(WO) – Saipem said it will not complete its planned acquisition of the Deep Value Driller drillship after the vessel’s owner decided to proceed with a sale to another buyer, and the company is now considering potential legal action to protect its interests.
The Italian energy services company reported that Deep Value Driller AS informed the market it had elected to sell the drillship to a third party, effectively ending Saipem’s agreement to acquire the unit. The companies had announced on Feb. 17 that they had reached terms for the transaction, with final execution subject to board approvals.
Saipem confirmed that its board authorized the acquisition on Feb. 24, but the seller subsequently moved forward with an alternative sale. In response, Saipem said it “reserves the right to take any appropriate legal action to safeguard its interests and rights in any forum.”
The cancellation will result in an improvement of approximately €226 million in Saipem’s post-IFRS 16 net financial position as of Dec. 31, 2025, along with a corresponding reduction in right-of-use assets, the company said.
Saipem added that its previously announced 2026 financial guidance remains unchanged despite the terminated transaction.
