Deep Value Driller AS

Capital/Financing Update • Apr 14, 2025

Deep Value Driller AS – Exercise of option by Saipem to amend bareboat charter

Deep Value Driller AS – Exercise of option by Saipem to amend bareboat charter

Oslo, 14 April 2025: Reference is made to the stock exchange announcement made by Deep Value Driller AS (the "Company") on 7 March 2025 regarding the entry into of an option agreement (the "Option Agreement") with Saipem (the "Charterer") whereby the Charterer was granted an option until 14 April 2025 (the "Option") to enter into an amended bareboat charter (the "Amended Bareboat Charter") for the group's 7th generation mobile offshore drilling vessel "Deep Value Driller" (the "Drillship").

The Company is pleased to announce that the Option has been exercised by the Charterer, after which the Amended Bareboat Charter has been entered into between the Charterer and the Company's wholly-owned subsidiary Deep Value Driller Ltd. The Amended Bareboat Charter will cover a period of 365 days from 1 July 2025 (the "Initial Period"), with an option for the Charterer within the first 6 months of the Initial Period to extend the Initial Period with an additional 365 days (the "Second Period"). For the Initial Period, the Amended Bareboat Charter will add in the range of USD 54-55 million in revenue backlog to the group, assuming no idle period for the Drillship or other periods where reduced rates may apply as per the Amended Bareboat Charter.

Following the exercise of the Option, the Charterer has further been granted an option to purchase the Drillship. For more information, please see the Company's announcement of 7 March 2025.

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Contacts:

Svend Anton Maier, CEO

+47 41 42 71 29

sam@deepvaluedriller.no

Einar J. Greve, Chairman of the Board

+41 79 644 77 66

ejg@cipriano.no

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

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.

Forward looking statements

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. Actual results may differ materially from those expected or projected in the forward-looking statements. The Company undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.