Deep Value Driller AS

Capital/Financing Update • Feb 24, 2023

Additional information on new loan facility

Additional information on new loan facility

Reference is made to Deep Value Driller AS' (the "Company") stock exchange announcement on 23 February 2023 regarding the entering into of a bareboat charter for the 7th generation mobile offshore drilling vessel "Deep Value Driller" (the "Drillship") and the entering into a USD 75 million senior secured term loan facility agreement (the "Loan Facility") to fund the reactivation activities for the Drillship, refinancing of the Company's existing credit facility and general corporate purposes.

The Company's current budget for the reactivation of the Drillship amounts to approx. USD 40 million, while approx. USD 10 million will be used to refinance the Company's existing credit facility. The remaining proceeds of the Loan Facility will be used for general corporate purposes.

Contacts

Svend Anton Maier, CEO

+47 41 42 71 29

sam@deepvaluedriller.no

Einar J. Greve, Chairman of the Board

+47 90 02 77 66

ejg@cipriano.no

About Deep Value Driller

Deep Value Driller AS is a drillship-owning company which owns the high specification UDW 7th generation drillship "Deep Value Driller", built in 2014. As part of its strategy, the company has an ambition to create and maximise value for its customers and investors, while at the same time ensuring safe and sustainable operation of its drillship. For further information, visit www.deepvaluedriller.no.

This information is subject to the disclosure requirements in section 5-12 of the Norwegian Securities Trading Act.