Deep Value Driller Nears Deployment to Ivory Coast for Major Drilling Program

Tuesday, August 15, 2023

The Deep Value Driller (DVD), a premium 7th Generation Drillship, has been repurposed for an upcoming drilling program and has undergone complete certification. The DVD will be deployed to Cote d’Ivoire where it will begin a near three-year assignment for Eni.

Saipem has chartered the vessel for the drilling program. The contract is for a firm 11 wells with an estimated period of 985 days (excluding mobilization/demobilization). The contract may be extended by up to six additional wells.

In February 2023, the vessel owner Deep Value Driller Ltd. entered into a $75 million loan facility agreement. The company’s $10 million credit facility was refinanced, and the remaining balance dedicated to reactivation costs plus ordinary operations costs.

The Deep Value Driller drillship has since the end of January 2023 been undergoing an intensive reactivation project. Sea trials were finalized, and Deep Value Driller Ltd. expects that the drillship will be delivered to Saipem in mid-August. The forecasted reactivation cost was $43.6 million.

Current Vessel Status

• Well Control Equipment have been tested, and both BOPs are completely overhauled and recertified
• Sea trials completed successfully for DP operations
• Rig Systems such as power plant, fire&gas, DP control system and Emergency Control systems have been certified
• Condition Monitoring System established to assist in monitoring Drilling and DP/Power Control systems in operation

Location:

• Reactivation complete at Westcon Yard in Ølensvåg in Norway. Saipem will take over the Drillship prior to final departure from Westcon Yard

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