Deep Value Driller AS — Interim / Quarterly Report 2022

May 18, 2022

Deep Value Driller AS Q1 2022

Q1 2022

Prepared by: Svend Anton Maier, CEO

OVERVIEW CONTENT

• Disclaimer

• Comments from the chairman

• Status rig

• Malta

• 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 reported Q4 we can now confirm that most of 7th generation drilling rigs are now utilized.

This supports the belief of the board that the rig is still very attractive in this high demand market.

The rig activation plan is established, and we have moved the rig to Westcon Yard in Ølensvåg. This yard is well suited to support the activation of the vessel.

The company continues the dialogue with multiple clients that have a fully utilized fleet and are in need of additional capasity to meet the increasing demand for 7th generation drilling vessels.

The company is in the final stage of securing a credit facility to secure future activation and warm stacking.

Status rig

P r e m i u m 7 t h G e n e r a t io n D r i l l s h i p

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

• The vessel has been moved to Westcon Yard in Ølensvåg after a short stay in Tysnes.

• The rig is now undergoing inspections at the yard to prepare the vessel for the increasing demand for 7th generations drillships. The global availability on these assets are now very limited.

Reactivation Key Parameters

We are now in coorporation with Westcon Yards to further plan the activation scope to establish class status, work packs etc.

> Execution Yard:

• Location: Activation will take place at Westcon Yard in Ølensvåg Norway.

• Timeline and workscope established

Deep Value Driller LTD is now established in Malta

New companies in group

Deep Value Driller Holding Ltd (registered 10 May 2021)

Registered office: 10 Poltua, G. Debono Square, Msida MSD 1250, Malta

Deep Value Driller Ltd (registered 10 May 2021)

Registered office: 10 Poltua, G. Debono Square, Msida MSD 1250, Malta

• The shipowning company Deep Value Driller Ltd is now established in Malta.

• All company activities and support are managed and operated from the office in Malta.

• Office phonenumber +356 7905 7057

K e y f i g u r e s
R i g p u r c h a s e	E q u i p m e n t p u r c h a s e
\$65,000,000	\$3,663,387
L a y u p c o s t	M o b i l i s a t i o n c o s t s p e r M a r c h 3 1 - 2022
\$23,718/day	\$2,733,003

Financial statement Q1 2022

Interim Consolidated Profit and Loss (P&L) Statement
Unaudited amounts in USD
Operating income and expenses	Notes	1 January - 31 March 2022
Stacking costs	5	2 927 455
Salaries		222 477
Other operating expenses		376 630
Operating profit/loss before depreciation (EBITDA)		-3 526 562
Depreciation of assets	2	721 643
Financial income and expenses		-4 209
Net income/loss		-4 243 996

Financial statement Q1 2022

Interim Consolidated statement of Financial Position
Unaudited amounts in USD
Assets		31 March 2022
Fixed assets
Intangible assets	2	7362
Ships	2	65 723 541
Equipment and other movables	2	4 258
Total fixed assets		65 735 161
Current assets
Fuel		412 038
Debtors
Other short-term receivables		794 383
Total receivables		1 206 421
Cash and bank deposits		1 385 953
Total current assets		2 592 374
Total assets		68 327 535

Equity and liablities	Notes	31 March 2022
Equity
Paid-up equity
Share capital	3	1 015 261
Own stocks	3	-3 519
Share premium reserve	3	81 880 257
Other paid-up equity		3 519
Total paid-up equity		82 895 518
Retained earnings
Uncovered loss 2021		-11 460 832
Uncovered loss Q1 2022		-4 243 996
Total retained earnings		-15 704 828
Total equity		67 190 690
Liabilities
Current debt
Trade creditors		1 037 496
Other current debt		99 349
Total receivables		1 136 845
Total liabilities		1 136 845
Total equity and liabilities		68 327 535

Financial statement Q1 2022

Interim Consolidated Indirect cash flow
Unaudited amounts in USD
NRS Indirect method		Notes 1 January - 31 March 2022
Cash flow from operating activities
Profit loss before tax		4 243 996
Ordinary depreciation		721 643
Change in inventory		221 034
Change in accounts payable		242 948
Change in other accrual items		-102 283
Net cash flows from operating activities		-3 646 550
Cash flow from investment activities
Payments for the purchase of fixed assets	2
Cash flows from financing activities
Proceeds from equity	3
Net change in cash and cash equivalents		3 646 550
Cash and cash equivalents at the end of the period		1 386 053

NOTES to the Financial statements Q1 2022 Q1-

Q3

Note 2: Assets	Intangible assets Equipment etc.		Rig	Total
Acquisition of fixed assets	8 835	6 388	68 663 387	68 678 610
Acquisition cost 31 December 2021	8 835	6 388	68 663 387	68 678 610
Depreciation 2021	1 178	1 596	2 219 177	2 221 951
Depreciation Q1 2022	295	534	720 669	721 498
Book Value 31 March 2022	7 362	4 258	65 723 541	65 735 161
Economic life	5 years	3 years	5-20 years

NOTES to the Financial statements Q1 2022

Note 3: Equity	Share capital	Own Stocks	Share Premium Equity/loss		Total
Founded 4 January 2021	3 532				3 532
Capital increase	1 011 729		83 997 035		85 008 764
Capital raise cost			-2 116 778		-2 116 778
Own shares		-3 519		3 519	0
Loss 2021					-11 460 832 -11 460 832
Loss for the period				-4 243 996	-4 243 996
Book Value 31 March 2022	1 015 261	-3 ਰਾਰ	81 880 257		-15 701 309 67 190 690

Note 4: Stacking cost

Stacking cost on average from takeover 25 March 2021 until 31 March 2022 is accumulated to \$ 23 718/day. The figure show prelimenary increase of the dayly stacking cost due to extra rig move through temporary port with no access to shore power.

NOTES to the Financial statements Q1 2022

Note 5: Shareholders above 1% as of 31 March 2022

Shares	%	Shareholder
8 000 000		9,27 % Goldman Sachs & Co. LLC
7 620 865		8,83 % UTHALDEN AS
5 500 000		6,37 % SOLAN CAPITAL AS
3 090 052		3,58 % CACEIS Bank Spain SA
3 000 000		3,48 % PORTIA AS
2 600 000		3,01 % TORSTEIN I. TVENGE
2 500 000		2,90 % INAK 3 AS
2 350 000		2,72 % ALDEN AS
2 251 000		2,61 % Euroclear Bank S.A./N.V.
1 950 075		2,26 % TIGERSTADEN AS
1 931 216		2,24 % CLEARSTREAM BANKING S.A.
1 500 000		1,74 % JPMorgan Chase Bank, N.A., London
1 500 000		1,74 % BORG CAPITAL PARTNERS AS
1 500 000		1,74 % AS CLIPPER
1 500 000		1,74 % CIPRIANO AS
1 436 128		1,66 % CAMACA AS
1 200 000		1,39 % MELESIO INVEST AS
1 200 000		1,39 % HØGSET HOLDING AS
1 150 000		1,33 % HUSHOVD
1029 990		1,19 % Nordnet Livsforsikring AS
1 000 000		1,16 % TTC INVEST AS
1 000 000		1,16 % A HOLDINGS AS
1 000 000		1,16 % FOUGNER INVEST AS
940 196		1,09 % OLA RUSTAD
930 467		1,08 % KRISTIANRO AS
927 696		1,07 % SYNECO AS