Deep Value Driller AS — Interim / Quarterly Report 2021

Feb 21, 2022

Deep Value Driller AS Q4 2021

Q4 2021

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 Q3 we can now confirm that utilization of 7th generation drilling rigs are almost at 100%. The rig activation plan is established, and we are in the process of moving the rig to Westcon Yard in Ølensvåg. 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.

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 from its original layup location in Sløvågen, and is now on a standby location in Tysnes Kommune in near proximity to Westcon Yard in Ølensvåg.

Reactivation Key Parameters

• Activation scope has been established, class status, work packs have been identified and scheduled.

• Critical spares with long lead time has been identified and been made availible by main vendors.

> 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
\$ 6 5 , 0 0 0 , 0 0 0	\$ 3 , 6 6 3 , 3 8 7
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 D e c e m b e r 3 1
\$ 2 0 , 9 0 6 / d a y	\$ 2 , 3 7 3 , 6 1 1

Financial statement Q1-Q4

Interim Consolidated Profit and Loss (P&L) Statement Unaudited amounts in USD
Operating income and expenses		Notes 4 January - 31 December 2021
Stacking costs	5	5 895 489
Salaries		376 292
Other operating expenses		3 145 810
Operating profit/loss before depreciation (EBITDA)		-9417 591
Depreciation of assets	2	2 221 952
Financial income and expenses		-178 711
Net income/loss		-11 460 832

Financial statement Q1-Q4

Interim Consolidated statement of Financial Position
Unaudited amounts in USD
Assets		31.Dec 21
Fixed assets
Intangible assets	2	7 657
Ships	2	66 444 210
Equipment and other movables	2	4 791
Total fixed assets		66 456 658
Current assets
Fue		633 072
Debtors
Other short-term receivables		453 965
Total receivables		1 087 037
Cash and bank deposits		5 032 503
Total current assets		6 119 540
Total assets		72 576 198

Financial statement Q1-Q4

NRS Indirect method	Notes	4 January - 31 December 2021
Cash flow from operating activities
Profit loss before tax		-11 460 832
Ordinary depreciation		2 221 952
Change in inventory		633 072
Change in accounts payable		1 280 444
Change in other accrual items		-602 738
Net cash flows from operating activities		-9 194 246
Cash flow from investment activities
Payments for the purchase of fixed assets	2	68 668 769
Net cash flows from investment activities		-68 668 769
Cash flows from financing activities
Proceeds from equity	3	82 895 518
Net cash flows from financing activities		82 895 518
Net change in cash and cash equivalents		5 032 503
Cash and cash equivalents at the end of the period		5 032 503

NOTES to the Financial statements Q1-Q4 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 for the period	1178	1596	2 219 177	2 221 951
Book Value 31 December 2021	7 657	4792	66 444 210	66 456 659
Economic life	5 years	3 years	5-20 years

NOTES to the Financial statements Q1-Q3

Note 3: Equity	Share capital	Own Stocks	Share Premium Equity/loss		Total
Founded 4 January 2021	3532				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		3519	0
Loss for the period					-11 460 832 -11 460 832
Book Value 31 December 2021	1 015 261	-3 519	81 880 257		-11 457 313 71 434 686

NOTES to the Financial statements Q1-Q4

lote 5: Shareholders above 1% as of 31 December 2021
Shares	%	Shareholder
8 000 000		9,27 % Goldman Sachs & Co. LLC
7 400 865		8,58 % UTHALDEN AS
5 500 000		6,37 % SOLAN CAPITAL AS
3 040 052		3,52 % CACEIS Bank Spain SA
3 000 000		3,48 % PORTIA AS
2 500 000		2,90 % TORSTEIN I. TVENGE
2 500 000		2,90 % INAK 3 AS
2 350 000		2,72 % ALDEN AS
2 117 000		2,45 % Euroclear Bank S.A./N.V.
1 782 259		2,07 % TIGERSTADEN AS
1519 894		1,76 % 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
1 261 128		1,46 % CAMACA AS
1 200 000		1,39 % MELESIO INVEST AS
1 200 000		1,39 % HØGSET HOLDING AS
1 193 601		1,38 % UBON PARTNERS AS
1 150 000		1,33 % HUSHOVD
1 100 000		1,27 % FORTE NORGE
1 055 897		1,22 % MUSTANG CAPITAL AS
1027696		1,19 % SYNECO AS
1 000 000		1,16 % TTC INVEST AS
1 000 000		1,16 % A HOLDINGS AS
1 000 000		1,16 % BELVEDERE AS
1 000 000		1,16 % FOUGNER INVEST AS
1 000 000		1.16 % KRISTIANRO AS
1 000 000		1.16 % OLA RUSTAD