Deep Value Driller : H1 2021 Report

Deep Value Driller AS First half 2021

H1 2021

Prepared by: Svend Anton Maier, CEO

OVERVIEW CONTENT

• Disclaimer
• Comments from the chairman
• Status rig
• Malta
• Market outlook
• Project Progress
• Financial statement
• Notes

Disclaimer

DISCLAIMER AND IMPORTANT INFORMATION

This Presentation and its appendices (the "Presentation") has been produced by Deep Value Driller AS, a Norwegian private limited company with its shares admitted to trading on Euronext Growth (Oslo) under the ticker code "DVD" (the "Company"). References to the "Company", "Group", "we", "our", "us" or similar terms refer to Deep Value Driller AS and its consolidated subsidiaries, except where context otherwise requires.

This Presentation, and the information contained herein, has been prepared solely for information purposes and does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or a recommendation regarding, any Shares and nothing contained herein shall form the basis of any contract or commitment whatsoever. This Presentation do not purport to contain a complete description of the Company or its prospects. Any analysis contained in this Presentation is not, and does not purport to be, appraisals of the assets, Shares or business of the Company or any other person. The Presentation is intended to present background information on the Company, its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made.

No representation, warranty or undertaking, express or implied, is made by the Company or any of its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. The Company or any of its affiliates or representatives shall not have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.

Unless otherwise stated, the Company is the source for information included in this Presentation. Information provided on the market environment, developments, trends and on the competitive situation is based on data and reports prepared by third parties and/or the Company based on its own information and information derived from such third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. This Presentation speaks as of the date hereof. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments that may occur after the date of this Presentation.

This Presentation contains forward-looking information and statements relating to the business, financial performance and results of the Company and/or industry and markets in which it intends to operate. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance and risks, uncertainties and other important factors could cause the actual results of operations, financial condition and liquidity of the Company or the industry to differ materially from the results expressed or implied in this Presentation by such forward-looking statements.

Neither this Presentation nor the information contained herein is being issued, nor may this Presentation nor the information contained herein be distributed, directly or indirectly, to or into any jurisdiction in which such issuance and/or distribution would be unlawful.

Comments from the Chairman

The Chairman of the Board, Einar J. Greve commented:

Since we took over the rig DVD in March this year we have observed increasing utilisation and higher rates in the UWD market . The BOD believes that this trend will continue.

After spending significant time and effort with management and key vendors to de-risk an activation of the vessel by systematic inspections we believe that timeline and activation cost is well under control and can be ready to drill on short notice.

There is a constant dialogue and interaction and tendering activity with clients needing modern units to execute safe and efficient operations in challenging areas around the world.

The board believes that our vessel with its capabilities and quality will be a top tear asset for clients in the UDW segment going forward.

Status rig

Premium 7th Generation Drillship

Current Vessel Status

• The vessel is warm stacked with a crew of 15 persons
• All the main systems onboard are being operated on a regular basis
• Main vendors have conducted a condition assessment of equipment and systems
• A reactivation work scope and related cost have been established

Reactivation Key Parameters

• Based on condition assessments and Class status, work packs have been identified and scheduled
• Class and relevant OEM have been involved in the development and update of the project execution plan
• Critical spares with long lead time has been identified
• Execution Yard:
• • Location: Close to key vendors
  • Timeline and budget established