Deep Value Driller AS

Investor Presentation • Nov 1, 2022

Deep Value Driller AS Q3 2022

Q3 2022

OVERVIEW CONTENT

• Comments from the Board of directors

• Status rig

• Key Figures

• Financial statement

• Notes

• Disclaimer

Comments from the Board of directors

Main events in Q3

The rig activation plan is in place, and the rig is now in warm layup at the 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.

In this period a capital increase was carried out with an exercise of warrants.

Main events going forward

The market supply for 7th generation drilling rigs are continuing to tighten. Majority of rig operators are now sold out and there are very few 7th generation assets that on short notice can be available globally.

The board are working with several opportunities for DVD 1, including employment, a potential sale of the vessel, or a merge of DVD with other drilling operators.

Assuming continued warm layup of the vessel, the cash forecast indicates that cash available is sufficient.

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 after a short stay in Tysnes it is now in place at 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 available by main vendors.

• Execution Yard:

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

• Timeline and workscope established

K e y f i g u r e s
\$65,000,000	\$3,663,387
\$21,270/day	\$4,159,209

Financial statement Q3 2022

Interim Consolidated Profit and Loss (P&L) Statement
Unaudited Amounts in USD
Operating income and operating expenses	Note	$Q3 - 2022$	$Q3 - 2021$	YTD 2022	YTD 2021*
Other income		0	0	0	0
Stacking costs		1788377	1429 269	6369438	3 4 20 1 28
Employee benefits expense		188834	117805	608 244	117805
Depreciation and amortisation expenses	2	721 779	720 249	2 165 112	1499379
Other expenses		257885	136 162	1 1 64 8 8 6	2617872
Total expenses		2956876	2 403 485	10 307 680	7655184
Operating profit/loss		$-2956876$	$-2403485$	$-10307680$	$-7655184$
Financial income and expenses
Net financial items	3	$-151257$	18 110	$-250163$	180 792
Net profit after tax		$-3$ 108 133	$-2385375$	-10 557 844	-7474392
Loss for the period		$-3108133$	$-2385375$	$-10$ 557 844	$-7474392$
Allocation of net result
Transferred to retained earnings		$-3108133$	$-2385375$	$-10557844$	-7474392

Financial statement Q3 2022

Unaudited Amounts in USD
Assets	Note	30.September 2022	31.December 2021
Non-current assets
Intangible assets
Concessions, patents, licences	$\overline{2}$	6479	7804
Total intangible assets		6479	7804
Property, plant and equipment
Ships	$\overline{2}$	64 282 202	66 444 211
Equipment and other movables	2	4655	4790
Total property, plant and equipment	$\mathbf{2}$	64 286 857	66 449 001
Non-current financial assets
Total non-current financial assets		۰
Total fixed assets		64 293 336	66 456 805
Current assets
Inventories		597 640	633072
Debtors
Other short-term receivables		402 032	436 110
Total receivables		402 032	436 110
Cash and cash equivalents		527596	5 032 503
Total current assets		1527268	6 101 685
Total assets		65 820 604	72 558 490

Interim Consolidated statement of Financial Position
Unaudited Amounts in USD
Equity and liabilities	Note	30.September 2022	31.December 2021
Equity
Paid-in capital
Share capital	4	1019177	1015 261
Treasury stock	Δ	$-3,519$	$-3519$
Share premium reserve	4	82 209 233	81 880 257
Other paid-up equity	4	183 335	183 335
Total paid-up equity		83 408 227	83 075 335
Retained earnings
Other equity		3519	3519
Uncovered loss	4	$-22680808$	$-12$ 122 964
Total retained earnings		22 677 289 -	12 119 445
Total equity		60730938	70 955 890
Liabilities
Long-term liabilities
Total Long-term liabilities	3	4 000 000
Current liabilities
Trade payables		520468	1 298 064
Other current liabilities		569 197	304 536
Total current liabilities		1089 666	1602600
Total liabilities		5 089 666	1602600
Total equity and liabilities		65 820 604	72 558 490

Financial statement Q3 2022

Interim Consolidated Indirect cash flow
Unaudited Amounts in USD
NRS Indirect method	Q3 2022	YTD 2022
Amount in USD
Cash Flow from operating activities
Profit/Loss before tax	$-3108133$	$-10557844$
Ordinary depreciation	721 779	2 165 112
Profit/Loss sale of fixed assets
Changes in inventories	$-140321$	35 4 32
Changes other short term receivable	$-59808$	34 078
Changes in accounts payable	$-793.598$	$-777596$
Change in other accrual items	202869	264 661
Net cash flows from operating activities	$3177211 -$	8 8 3 6 1 5 6
Cash flow from investment activities
Acquisition of intangible assets
Acquisition of tangible assets		$-1643$
Share investment
Net cash flow from investment activities		1643
Cash flow from financing activities
Proceeds from equity	332893	332893
Capital increase costs
Long-termin liabilities		4 000 000
Net cash flow from financing activities	332893	4332893
Net change in cash and cash equivalents	$-2844318$	-4 504 906
Cash and cash equivalents at the end of period	527 597	527 597

NOTES to the Financial statements Q3 2022Q1-

Note 2: Fixed assets	Intangible	Fixtures and		Total
	assets	fittings
Acquisition of fixed assets 31 December 2021	8835	6388		68 663 387	68 678 610
Acquisition cost 30 September 2022	8835	8031		68 663 387	68 680 253
Accumulated depreciation 30 September 2022	2 3 5 6	3 3 7 6		4 3 8 1 1 8 5	4 3 8 6 9 1 7
Book Value 30 September 2022	6479	4655		64 282 202	64 293 336

NOTES to the Financial statements Q3 2022

Note 4: Shareholders' equity	Share capital	Own Stock			Share Other paid-up Other equity	Uncovered	Total
			premium	equity		loss
UB 31.12.2021	$1015261 -$	3519	81 880 258	183 335	$3.519 -$	12 122 964	70 955 890
Capital increase 19.09.2022	3916		328 976				332893
Loss for the period						10 557 844	10 557 844
Pr. 30.09.2022	$1019177 -$	3519	82 209 234	183 335	3 5 1 9	22 680 808	60 730 939

NOTES to the Financial statements Q3 2022

Shareholders	Ordinary	Share of votes
Goldman Sachs & Co. LLC	8 119 608	9,37%
UTHALDEN AS	7620865	8,79%
SOLAN CAPITAL AS	5 500 000	6.34 %
UBS Switzerland AG	3746387	4,32%
CACEIS Bank Spain SA	3 281 052	3,78%
TVENGE	3 200 000	3,69%
Euroclear Bank S.A./N.V.	2585100	2,98%
INAK3AS	2 500 000	2,88%
PORTIA AS	2 250 000	2,60%
ALDEN AS	2050000	2.36%
CLEARSTREAM BANKING S.A.	1877867	2,17%
JPMorgan Chase Bank, N.A., London	1500000	1,73%
CIPRIANO AS	1500000	1,73%
Merrill Lynch Prof. Clearing Corp.	1482291	1,71%
NORDNET LIVSFORSIKRING AS	1459432	1,68%
HUSHOVD	1 300 000	1,50%
CAMACA AS	1 250 000	1.44 %
MELESIO INVEST AS	1 200 000	1,38%
HØGSET HOLDING AS	1 200 000	1,38%
OLA RUSTAD AS	1081398	1,25 %
TTC INVEST AS	1 000 000	1,15%
A HOLDINGS AS	1 000 000	1,15%
SCAN CHEMICALS AS	885 000	1,02%
Total	57 589 000	66,4%
Others (interest < 1 %)	29 107 667	33,6%
Total	86 696 667	100 %

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.

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