Deep Value Driller : Q1 2024 report

Deep Value Driller AS Q1 2024

Q1 2024

OVERVIEW CONTENT

• Comments from the Board of directors
• Key Figures
• Financial statement
• Notes
• Disclaimer

Comments from the

Board of directors

Main events

Early 2023, the company signed a bareboat charter for the Drillship "Deep Value Driller" with Saipem as Charterer. The Charterer will utilize the Drillship for operations on the Ivory Coast under a drilling contract with Eni Côte d'Ivoire Ltd. The bareboat charter term is for 11 wells firm with 6 wells options. Estimated firm revenue is USD 160 million to the Group (excluding the rate payable for any optional extensions of the Contract).

The Drillship has since end of January 2023 been undergoing an intensive reactivation project, and the Drillship was delivered to the Charterer 8. September 2023. The drillship arrived West Africa mid-October 2023 where she commenced operation 1. November. The rig has been on full day rate since 1 Nov 2023. The rig is working on her third location. The remaining reactivation project activities, including BOP 2, have been finalized and closed on board the drill ship during first quarter 2024.

In February 2023 Deep Value Driller Ltd. entered into a USD 75.0 million loan facility agreement with a reputable private lender. 26 March 2024 signed a

contract to upsize this loan by USD 50.0 million to repay a shareholder's loan, cover the remaining part of recertification costs and to fast track the payment of dividends to shareholders. Loan upsize recognition early April.

Main events going forward

AGM is called for May 14th. The board of directors proposes that the AGM resolves to distribute a dividend in the amount of NOK 3.00 per share, in total NOK 260 million. The distribution shall constitute a repayment of DVD's paid-in capital.Key information relating to the proposed cash dividend is included in the Company's announcement of 26 March 2024.

The board of directors also proposes that the general meeting authorizes the board to resolve and distribute dividends, based on the annual accounts for 2023. The board's resolution will inter alia be conditioned on that distribution of dividends at the time of distribution is deemed appropriate based on the Company's financial situation, as further detailed in the stock exchange notice of 26 March 2024.

K e y f i g u r e s

$65,000,000 $3,663,387

$30,699/day $64,292,268

Financial statement

Q1 2024

Financial statement Q1 2024

Financial statement Q1 2024

NOTES to the Financial statements Q1 2024

Notes to the Financial statements

Note 1: Summary of Significant Accounting Policies

Company overview

Deep Value Driller AS is a company which purpose is contracting, managing and owning drilling rigs.

Basis for preparation

The interim report, which has not been audited by the Company's independent auditor, has been prepared in compliance with the provisions laid down in the Norwegian Accounting Act NRS 11 and generally accepted accounting principles in Norway.

NOTES to the Financial statements Q1 2024

NOTES to the Financial statements Q1 2024