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Deep Value Driller ex Bolette Dolphin bareboats to Saipem

Rig Lynx
  • By Rig Lynx
  • Feb 26, 2023
  • Category : Archives
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Deep Value Driller AS announced a bareboat charter for the 7th generation mobile offshore drilling vessel "Deep Value Driller" between the Company's subsidiary, Deep Value Driller Ltd., and Saipem, an energy service group currently active in the drilling segment in West Africa, Mediterranean, US Gulf, Middle East and Norway.

 

The Contract covers an estimated firm period of approximately 3 years. The Contract may be extended by up to approximately a further one year period. The Contract adds approximately USD 160 million of firm revenue backlog to the Group (excluding the rate payable for any optional extensions of the Contract).

 

The Group has commenced reactivation activities for the Drillship which are expected to be completed during the summer of 2023 upon which the Drillship will be delivered to the Charterer under the Contract.

 

To fund the reactivation activities for the Drillship, refinancing of the Company's existing credit facility and general corporate purposes, DVD Ltd. has entered into a USD 75 million senior secured term loan facility agreement (the "Loan Facility") with a reputable private lender and Nordic Trustee AS as facility and security agent. The Loan Facility will mature three years from the date of the Loan Facility with a balloon payment of approx. USD 50 million after equal monthly amortizations in the period from 18 months after the date of the Loan Facility until maturity. The Loan Facility will be secured by a first priority security interest in the Drillship and the assets held by the Group. The Loan Facility carries an interest rate of 9.75% p.a. and have an original issue discount of 3.875% and includes customary covenants for a loan facility of this size and nature.

 

Svend Anton Maier, CEO of the Company, commented: "We are very pleased to enter into a contract with Saipem, a reputable operator in the ultra-deep water segment. The Deep Value Driller is one of the newest and most modern drill-ships in the world, and we expect the vessel to be one of the key contributors to Saipem for their drilling campaigns in the years to come".

 

Source: DVD

 

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