Deep Value Driller AS — Interim / Quarterly Report 2025

Feb 9, 2026

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Deep Value Driller AS Q4 2025

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OVERVIEW CONTENT

• Comments from the Board of directors

• Financial statement

• Notes

• Disclaimer

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Comments from the Board of directors

Main events

Early 2023, the Company signed a well based bareboat charter (the "BBC") for the Drillship "Deep Value Driller" with Saipem as Charterer, which commenced operation November 1, 2023.

April 14, 2025 the Company amended the BBC with Saipem (the "Amended BBC") for a period of 365 days from July 1, 2025 (the "Initial Period"), with an option for the Charterer within the first 6 months of the Initial Period to extend the Amended BBCwith an additional 365 days (the "Second Period").

The Initial Period will add in the range of USD 54-55 million in revenue backlog, assuming no idle period for the Drillship or other periods where reduced rates may apply as per the Amended BBC. In addition, Saipem has an option to purchase the Drillship for USD 300 million (the "Purchase Option"). For more information, please see the Company's announcement of March 7, 2025.

December 25, 2025 the Amended BBC was extended until 31 July 2026. Furthermore, the Company and the Charterer also agreed to an extension until February 16, 2026 for the purchase option. The option purchase price is USD 300 million, plus payment of the remaining hire for the Initial Period.

The Charterer has an option for a Second Period, which must be declared by February 16, 2026. If the option for the Second Period is exercised, the Charterer's option to purchase the Drillship, is also extended until December 31, 2026. For more information, please see the Company's announcement of December 29, 2025.

The rig left Ghana October 6, 2025 for an approximately 105-day (+ one optional well est. 90 days) contract in Indonesia, with commencement date 6 January. The Drillship has shown excellent operational performance 98,1% throughout 2025.

Total distribution of dividends in 2025 has been 2,65 NOK per share.

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Financial statement Q4 2025

Profit (P&L) Interim Consolidated and Statement Loss
Amounts in USD		Unaudited	Unaudited	Unaudited	Audited
Operating income and operating expenses	Note	Q4 - 2025	Q4 - 2024	YTD 2025	YTD 2024
Daily rate		11 550 000	13 800 000	52 500 000	54 900 000
Other income		-	1 637 374	3 221 355	3 523 927
Total Income		11 550 000	15 437 374	55 721 355	58 423 927
Operational cost		(597 401)	(918 069)	(2 673) 809	(5 374) 373
Employee benefits expenses		(198 511)	(64 865)	(518 788)	(260 056)
and Depreciation amortisation expenses	2	(4 128) 173	(4 192) 155	(16 232) 695	(16 972) 182
Other expenses		(71 043)	(40 622)	(488 589)	(264 074)
Total expenses		(5 084) 040	(5 747) 178	(20 281) 512	(22 477) 080
profit (loss) Operating		6 509 916	10 258 626	35 209 073	36 343 450
Operating profit (loss) before depreciation (EBITDA)		10 683 045	413 818 14	904 305 51	52 526 422
Financial income and expenses
Financial income		181 738	395 988	930 451	1 593 999
Financial expenses		(2 962) 960	(3 428) 182	(12 047) 661	(12 315) 946
financial Net items	3	(2 224) 779	(2 440) 786	(11 596) 730	(11 316) 352
(loss) Net profit before tax		3 730 692	7 472 186	23 478 478	24 991 134
for the period Income tax	6	(99 465)	(1 571) 785	429 761	(1 571) 785
Profit (loss) for the period		3 631 227	5 686 615	23 908 239	23 205 563
Transferred retained earnings to		3 631 227	5 686 615	23 908 239	23 205 563

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Financial statement Q4 2025

Interim Consolidated of Financial Position statement
Amounts in USD		Unaudited	Audited
Assets	Note	31 December 2025	31 December 2024
Non-current assets
Intangible assets
Concessions, patents, licences	2	-	2 494
Total intangible assets		-	2 494
Property, plant and equipment
Ships	2	54 407 225	57 694 923
Reactivation project cost	2	36 863 240	50 268 055
Equipment and other movables	2	-	225
Total property, plant and equipment	2	91 270 465	107 963 203
Non-current financial assets
Total non-current financial assets		-	-
Total fixed assets		91 270 465	107 965 697
Current assets
Inventories		799 446	1 095 089
Debtors
Other short-term receivables		5 734 885	11 382 479
Total receivables		5 734 885	11 382 479
Cash and cash equivalents		14 495 405	12 405 583
Total current assets		21 029 736	24 883 150
Total assets		112 300 201	132 848 847

Consolidated of Financial Interim Position statement
Amounts in USD		Unaudited	Audited
liabilities Equity and	Note	December 31 2025	December 31 2024
Equity
Paid-in capital
Share capital	4,5	1 083 131	1 019 177
stock Treasury	4	(3 519)	(3 519)
Share premium reserve	4	-	33 699 834
Other paid-up equity	4	393 538	393 538
Total paid-up equity		473 1 151	35 109 031
Retained earnings
Retained earnings (uncovered loss)	4	271 403 7	(28 179 709)
Total retained earnings		7 271 403	(28 709) 179
Total equity		8 744 554	6 929 322
Liabilities
liabilities Long-term
Deferred tax liabilities	6	600 313	2 088 516
Liabilities to financial institutions	3	101 387 000	118 055 000
Total liabilities Long-term		101 987 313	120 143 516
liabilities Current
Payable tax	6	058 443 1	2 062 541
Trade payables		179 837	147 626
Other current liabilities		330 056	3 565 842
Total current liabilities		568 336 1	776 009 5
Total liabilities		103 555 648	125 919 525
Total equity and liabilities		112 300 202	132 848 847

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Financial statement Q4 2025

Consolidated Indirect cash flow Interim
in USD Amounts	Unaudited	Audited
Indirect method NRS	YTD 2025	YTD 2024
in Amount USD
from Cash Flow operating activities
Profit/Loss before tax	23 478 478	24 991 134
Ordinary depreciation	16 695 232	16 182 972
Changes in inventories	295 643	419 111
Changes other short-term receivable	647 594 5	(4 363) 374
Changes trade payable in	32 211	(16 795) 261
Changes other accrual in items	(5 327) 298	(4 674) 499
cash flows from operating activities Net	40 850 830	16 457 385
Cash flow from investment activities
of tangible Acquisition assets	-	(3 051) 039
cash flow from Net investment activities	-	(3 051) 039
Cash flow from financing activities
Proceeds from equity	119 195 1	10 393
Distribution of share premium	(20 714) 080	(48 399) 509
Dividends	(3 489) 131	-
Debt financing	-	50 000 000
Loan repayment	(16 000) 668	(14 000) 445
cash flow from financing Net activities	(38 008) 761	(12 006) 944
change cash and cash equivalents Net in	2 089 822	474 328
Cash and cash equivalents the end of period at	14 495 405	12 405 583

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Notes to the Financial statements

Note 1: Summary of Significant Accounting Policies

Company overview

Deep Value Driller AS is a company which purpose is contracting, managing and owning drilling rigs.

Basis for preparation

The interim report, which has not been audited by the Company's independent auditor, has been prepared in compliance with the provisions laid down in the Norwegian Accounting Act NRS 11 and generally accepted accounting principles in Norway.

Fixed Note 2: assets	Intangible assets	Fixtures and	Rig	Reactivation	Total
		fittings		project costs
December Acquisition 31 2024 at	8 835	8 031	68 663 387	66 560 551	135 240 804
Additions in 2025	-	-	-	-	-
December Acquisition 31 2025 cost at	8 835	8 031	68 663 387	66 560 551	135 240 804
Opening book value 2025	2 494	225	57 694 923	50 268 055	107 965 697
& Depreciation amortisation 2025	(2 494)	(225)	(3 699) 287	(13 815) 404	(16 232) 695
Accumulated depreciation & amortisation	(8 835)	(8 031)	(14 162) 256	(29 310) 697	(43 338) 970
Closing Book Value December 31 2025	-	-	54 407 225	36 863 240	91 270 465

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Note 3: Long-term liabilities

On March 26, 2024, the loan facility of 75 million USD was upsized by 50 million USD to 125 million USD. Monthly installments started in August 2024 as earlier planned, but the maturity of the loan facility has been extended to July 2026.

Shareholders' equity Note 4:	Share capital	Stock Own	Share premium	Other paid-up	Retained earnings	Total
				equity	(uncovered loss)
Opening balance 1 January 2025	1 019 177	(3 519)	33 699 834	393 538	(28 709) 179	6 929 322
Exercise of warrants	63 954	-	1 055 241	-	-	1 119 195
of Distribution share premium	-	-	(24 490) 650	-	569 776 4	(20 714) 080
Dividends paid	-	-	-	-	(3 489) 131	(3 489) 131
equity* Reclassification of	-	-	(10 586) 104	-	10 104 586	-
Profit for the period	-	-	-	-	23 908 239	23 908 239
Closing balance December 31 2025	1 083 131	(3 519)	-	393 538	7 271 403	8 744 554

^* The reclassification of share premium is due to the different exchange rates applied at the time of capital increases versus capital returns. While the share premium account has reached a zero balance in its legal denomination currency (NOK), a residual balance remained in the USD reporting currency. This amount has been reclassified to align the financial statements with the company's remaining legal capital.

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Note Shareholders above 1% as of 31 December 2025 5:
Shareholders	Ordinary	Share of votes
UTHALDEN AS	10 663 299	% 11,40
SOLAN CAPITAL AS	9 433 333	10,09 %
ALDEN AS	3 234 369	3,46 %
CIPRIANO AS	3 092 931	3,31 %
Goldman Sachs & Co. LLC	2 864 118	3,06 %
SCAN CHEMICALS AS	2 600 000	% 2,78
TVENGE	2 600 000	2,78 %
NORDNET LIVSFORSIKRING AS	2 210 773	2,36 %
CAMACA AS	2 002 175	2,33 %
HORTULAN AS	2 000 000	2,14 %
ARVO INVEST AS	1 650 398	1,76 %
CACEIS Bank Spain SA	1 605 000	1,72 %
BofA Securities, Inc.	1 582 780	1,69 %
A HOLDINGS AS	1 369 494	% 1,46
SONGA CAPITAL AS	1 228 183	1,31 %
Merrill Lynch International	1 124 296	1,20 %
CLEARSTREAM BANKING S.A.	1 058 206	1,13 %
MELESIO INVEST AS	1 030 591	1,10 %
HUSHOVD	1 011 680	% 1,08
TTC INVEST AS	1 000 000	1,07 %
HØGSET HOLDING AS	1 000 000	1,07 %
THABO ENERGY AS	1 000 000	1,07 %
Bank Avanza AB	996 842	1,07 %
A/S J.J.UGLAND HOLDING	970 000	% 1,04
GLAAMENE INDUSTRIER AS	967 306	1,03 %
Total	58 468 601	62,53 %
Others (interest < 1 %)	35 039 732	37,47 %
Total	93 508 333	100 %

Deep Value Driller AS owns 300 000 Treasury stocks at par value 0,1 NOK which amounts to 0,32% of the company's total stocks.

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Note 6: Tax

The estimated tax expense in the financial statement relates only to Norwegian tax for the parent company.

Estimated tax expense Norway (YTD)

Payable tax	1 058 443
Changes in deferred tax	(1 204) 488
Total	(429 761)

The Maltese group companies will become liable for tax in Malta in 2025.

The tax liability amount will depend on the deductibility of incurred pre-trading costs under Maltese tax laws.

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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.