HOUSTON, February 25, 2026 — Baker Botts L.L.P., a leading global energy law firm, represented Eldorado Drilling AS (“Eldorado”), a Norwegian independent drilling contractor, in its $300 million all-cash agreement to acquire the “Deep Value Driller,” a premier seventh-generation ultra-deepwater drillship from Deep Value Driller AS (“DVD”).

The transaction will continue Eldorado’s development of a world class drillship fleet.

Eldorado Drilling has funded an initial $70 million signing installment, with the remaining $230 million balance payable at closing, which is expected to occur in the third quarter of 2026. 

Substantially contemporaneously with the transaction, DVD also entered into an extension of the maturity of its current $125 million senior secured term loan facility to August 1, 2026, with an option for DVD to further extend the maturity date to November 1, 2026. 

Baker Botts Lawyers/Offices Involved:

Corporate: Clay Brett (Partner, Houston); Jim Marshall (Partner, Houston); Nadine Amr (Partner, London); Jamie Yarbrough (Partner, Houston); Nikolai Gryzunov (Senior Associate, New York); Talha Chaudhry (Associate, Houston)

Project Finance: Veronica Relea (Partner, New York)

Tax: Derek Green (Partner, Houston)

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.