Deep Value Driller AS announced that the Group's 7th generation mobile offshore drilling vessel "Deep Value Driller" (the "Drillship") has been successfully delivered to Saipem (the "Charterer") under the bareboat charterparty entered into with respect to the Drillship earlier this year (the "Contract"). Representatives of the Group will remain onboard the Drillship for the duration of the Contract although the daily operational and maintenance responsibility for the Drillship passes to the Charterer as from delivery. As previously announced, the Contract has an estimated firm period of 3 years (with options for extensions) and adds approximately USD 160 million of firm revenue backlog to the group (excluding the rate payable for any optional extensions of the Contract).

Charter hire for the Drillship will start to accrue under the Contract from the time of delivery.