Deep Value Driller AS — Interim / Quarterly Report 2026

May 13, 2026

DVD Deep Value Driller

Deep Value Driller AS Q1 2026

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OVERVIEW CONTENT

• Comments from the Board of directors
• Financial statement
• Notes
• Disclaimer

DVD Deep Value Driller

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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 BBC with 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.

The rig left Ghana 6 October 2025, for an approximately 105-day (+ one optional well est. 90 days) contract in Indonesia. The Drillship has shown excellent operational performance also in Indonesia during first quarter of 2026.

On 25. December 2025 the Amended BBC was extended until 31 July 2026.

On 25th of February 2026 the company signed an SPA to sell the Drillship to Eldorado Drilling AS for USD 300m. Eldorado Drilling AS paid USD 70m to DVD when the SPA was signed and the remaining USD 230m will be paid when the drillship is delivered to Eldorado Drilling AS. The delivery of the vessel is expected to take place in 2nd half of 2026.

Total distribution of dividends Q1 2026 was 0,45 NOK per share.

DVD Deep Value Driller

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Financial statement

Q1 2026

Interim Consolidated Profit and Loss (P&L) Statement
Amounts in USD		Unaudited	Unaudited
Operating income and operating expenses	Note	Q1 - 2026	Q1 - 2026
Daily rate		12 394 737	13 500 000
Other income		12 286	1 601 779
Total Income		12 407 023	15 101 779
Operational cost		(423 700)	(582 821)
Employee benefits expenses		(176 625)	(54 492)
Depreciation and amortisation expenses	2	(4 173 128)	(4 267 402)
Other expenses		(101 435)	(284 656)
Total expenses		(4 874 887)	(5 189 371)
Operating profit (loss)		7 532 135	9 912 408
Operating profit (loss) before depreciation (EBITDA)		11 705 264	14 179 810
Financial income and expenses
Financial income		134 013	164 961
Financial expenses		(2 800 162)	(3 233 349)
Net financial items	3	(2 666 149)	(3 068 388)
Net profit (loss) before tax		4 865 987	6 844 020
Income tax for the period	4	(316 278)	(298 141)
Profit (loss) for the period		4 549 709	6 545 879
Transferred to retained earnings		4 549 709	6 545 879

DVD

Deep Value

Driller

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Financial statement

Q1 2026

Interim Consolidated statement of Financial Position
Amounts in USD		Unaudited	Audited
Assets	Note	31 March 2026	31 December 2025
Non-current assets
Property, plant and equipment
Ships	2	53 585 300	54 407 225
Reactivation project cost	2	33 512 037	36 863 240
Equipment and other movables	2	-	-
Total property, plant and equipment	2	87 097 337	91 270 469
Non-current financial assets
Total non-current financial assets		-	-
Total fixed assets		87 097 337	91 270 469
Current assets
Inventories		799 446	799 446
Debtors
Other short-term receivables		5 103 560	5 734 889
Total receivables		5 103 560	5 734 889
Cash and cash equivalents	5	85 387 276	14 495 409
Total current assets		91 290 281	21 029 730
Total assets		178 387 618	112 300 201
Interim Consolidated statement of Financial Position
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Amounts in USD		Unaudited	Audited
Equity and liabilities	Note	31 March 2026	31 December 2025
Equity
Paid-in capital
Share capital	6,7	1 083 131	1 083 131
Treasury stock	6	-	(3 519)
Other paid-up equity	6	496 934	393 538
Total paid-up equity		1 580 066	1 473 151
Retained earnings
Retained earnings (uncovered loss)	6	6 836 674	6 519 678
Total retained earnings		6 836 674	6 519 678
Total equity		8 416 739	7 992 829
Liabilities
Long-term liabilities
Deferred tax liabilities	4	391 890	600 313
Liabilities to financial institutions	3	97 220 000	101 387 000
Total Long-term liabilities		97 611 890	101 987 313
Current liabilities
Payable tax	4	1 831 292	1 810 166
Trade payables		17 004	179 837
Other current liabilities		267 100	330 056
Prepayment from customers		70 243 592	-
Total current liabilities		72 358 989	2 320 059
Total liabilities		169 970 879	104 307 371
Total equity and liabilities		178 387 618	112 300 201

DVP

Deep Value

Driller

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Financial statement

Q1 2026

Interim Consolidated Indirect cash flow
Amounts in USD	Unaudited	Unaudited
NRS Indirect method	Q1 2026	Q1 2025
Cash Flow from operating activities
Profit (Loss) before tax	4 865 987	6 844 020
Ordinary depreciation	4 173 128	4 267 402
Changes other short-term receivable	631 325	4 797 956
Changes in trade payable	(162 833)	(4 418)
Changes in other accrual items	(62 955)	(1 458 777)
Income tax paid	(503 576)	(184 902)
Net cash flows from operating activities	8 941 076	14 261 281
Cash flow from investment activities
Sale of fixed assets	70 243 592	-
Net cash flow from investment activities	70 243 592	-
Cash flow from financing activities
Proceeds from equity	106 915	1 119 195
Distribution of share premium	-	(5 825 715)
Payment of dividends	(4 232 713)	-
Loan repayment	(4 167 000)	(4 167 000)
Net cash flow from financing activities	(8 292 798)	(8 873 520)
Net change in cash and cash equivalents	70 891 870	5 387 761
Cash and cash equivalents at the end of period	85 387 276	17 793 344

DVD

Deep Value

Driller

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NOTES to the Financial statements Q1 2026

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.

Note 2: Fixed assets	Drill ship	Reactivation project costs	Total
Acquisition at 31 December 2025	68 663 387	66 560 551	135 223 938
Additions in 2026	-	-	-
Acquisition cost at 31 March 2026	68 663 387	66 560 551	135 223 938
Opening book value 2026	54 407 225	36 863 240	91 270 465
Depreciation & amortisation 2026	(821 925)	(3 351 204)	(4 173 128)
Accumulated depreciation & amortisation	(15 078 087)	(33 048 514)	(48 126 601)
Closing Book Value 31 March 2026	53 585 300	33 512 037	87 097 337

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NOTES to the Financial statements Q1 2026

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 of repayments started in August 2024. On 25 February 2026, the maturity date of the loan was extended to 1 August 2026, with an option to further extend the maturity date until 1 November 2026

Note 4: Tax

Estimated tax expense (YTD)	Norway (22%)	Malta (5%)	Total
Tax charge	64 294	460 406	524 700
Changes in deferred tax	(208 422)	-	(208 422)
Total tax expense (YTD)	(144 128)	460 406	316 278

Payable tax in the balance

Payable tax on last year's result	1 058 443	751 725	1 810 168
Advance tax paid	(503 576)	-	(503 576)
Payable tax on this year's result	64 294	460 406	524 700
Total payable tax as of 31 March 2026	619 161	1 212 131	1 831 292

The tax charge and deferred tax in Malta have been calculated using an effective tax rate of 5%, on the condition that the Malta companies will benefit from the tax refund system in Malta

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NOTES to the Financial statements Q1 2026

Note 5: Cash and cash equivalents

Included in cash and cash equivalents is 70.2 million USD in restricted cash. This amount represents prepayment for the purchase of the drillship and accrued interest. The prepayment of 70 million USD will become available for the Group's use upon the delivery of the drillship, while any accrued interest belongs to the buyer

Note 6: Shareholders' equity	Share capital	Own Stock	Other paid-up equity	Retained earnings	Total
Opening balance 1 January 2026	1 083 131	(3 519)	393 538	6 519 678	7 992 829
Sale of own stocks	-	3 519	103 396	-	106 915
Dividends paid	-	-	-	(4 232 713)	(4 232 713)
Profit for the period	-	-	-	4 549 709	4 549 709
Closing balance 31 March 2026	1 083 131	-	496 934	6 836 674	8 416 739

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NOTES to the Financial statements Q1 2026

Note 6: Shareholders above 1% as of 31 March 2026

Shareholders	Ordinary	Share of votes
UTHALDEN AS	10 663 299	12,13 %
SOLAN CAPITAL AS	9 433 333	10,09 %
ALDEN AS	3 234 369	4,08 %
CIPRIANO AS	3 092 931	3,31 %
Goldman Sachs & Co. LLC	2 864 118	2,96 %
SCAN CHEMICALS AS	2 600 000	2,78 %
ØSTLANDSKE PENSJONISTBOLIGER AS	2 600 000	2,43 %
HORTULAN AS	2 210 773	2,35 %
NORDNET LIVSFORSIKRING AS	2 175 002	2,19 %
TVENGE	2 000 000	2,14 %
ARVO INVEST AS	1 650 398	1,76 %
BofA Securities, Inc.	1 605 000	1,75 %
CAMACA AS	1 582 780	1,63 %
A HOLDINGS AS	1 369 494	1,46 %
SONGA CAPITAL AS	1 228 183	1,31 %
MELESIO INVEST AS	1 124 296	1,10 %
GLAAMENE INDUSTRIER AS	1 058 206	1,09 %
HUSHOVD	1 030 591	1,08 %
TVENGE-STIFTELSEN	1 011 680	1,07 %
TTC INVEST AS	1 000 000	1,07 %
HØGSET HOLDING AS	1 000 000	1,07 %
THABO ENERGY AS	1 000 000	1,07 %
J.J.UGLAND HOLDING A/S	996 842	1,04 %
Total	56 531 295	60,95 %
Others (interest < 1%)	36 977 038	39,05 %
Total	93 508 333	100 %

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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 thereof. 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.

DVD Deep Value Driller