Deep Value Driller AS

Investor Presentation • Nov 3, 2023

Deep Value Driller AS Q3 2023

Q3 2023

OVERVIEW CONTENT

• Comments from the Board of directors

• Key Figures

• Financial statement

• Notes

• Disclaimer

Comments from the Board of directors

Main events 2023

Early 2023, the company signed a bareboat charter for the Drillship "Deep Value Driller" with Saipem as Charterer. The Charterer will utilize the Drillship for operations on the Ivory Coast under a drilling contract with Eni Côte d'Ivoire Ltd. The bareboat charter term is for 11 wells firm with 6 wells options. Estimated firm revenue is USD 160 million to the Group (excluding the rate payable for any optional extensions of the Contract).

The Drillship has since end of January 2023 been undergoing an intensive reactivation project, and the Drillship was delivered to the Charterer 8. September 2023. The drillship arrived West Africa 9. October 2023 where she commenced operation. Daily rates are invoiced monthly, and first payment is received. Also the contractual mobilization fee 7.5 million USD has been paid by contractor.

The forecasted reactivation cost was USD 43.6 million. Findings during opening up, increased market activity globally leads to cost inflation, high price on fuel and shore power have caused increased costs. In addition delay in delivery and an unforeseen and temporary relocation of the Drillship during reactivation added costs of approximately USD 6 million. As a consequence thereof, the total project cost is estimated to USD 62 million.

Due to the cost increase, the company has established a credit line with major shareholders of 7.5 million USD. The Board evaluates cash flow balance to be satisfactory.

Main events going forward

The project is technically completed and BOP2 is undergoing final pressure tests ready to be deployed.

K e y f i g u r e s
\$65,000,000	\$3,663,387
\$32,543/day	\$57,972,784

Financial statement Q3 2023

Consolidated Profit and (P&L) Interim Loss Statement
Unaudited Amounts in USD
Operating income and operating expenses	Note	Q3 -2023	Q3 - 2022	YTD 2023	YTD 2022
Other income		1 544 850	-	1 544 850	-
Operational cost		10 862 290	1 788 377	16 778 961	6 369 438
Employee benefits expense		166 695	188 834	802 380	608 244
Depreciation and amortisation expenses	2	723 118	721 779	2 166 679	2 165 112
Other expenses		1 415 037	257 885	2 634 001	1 164 886
Total expenses		13 167 140	2 956 876	22 382 022	10 307 680
profit/loss Operating		622 289 -11	-2 956 876	-20 837 171	-10 307 680
profit/loss Operating before depreciation (EBITDA)		-10 899 171	3 936 540	-18 670 492	13 637 679
Financial income and expenses
Financial income		395 356	110 937	1 676 819	280 490
Financial expenses		2 541 650	262 195	7 309 207	119 399
financial Net items	3	-2 146 294	-151 257	-5 632 388	-250 163
profit before Net tax		-13 768 583	-3 108 133	-26 469 560	-10 557 844
for Income the period tax		-239 695		-291 448
Loss for the period		-14 008 278	-3 108 133	-26 761 008	-10 557 844
Allocation of result net
Transferred retained earnings to		008 278 -14	-3 108 133	-26 761 008	-10 844 557

Financial statement Q3 2023

Interim Consolidated of Financial Position statement Unaudited Amounts in USD				Interim Consolidated of Financial Position statement
				Unaudited Amounts in USD
Assets	Note	30.September 2023	31.December 2022	Equity and liabilities	Note	30.September 2023	31.December 2022
Non-current assets				Equity
Intangible assets				Paid-in capital
Concessions, patents, licences	2	4 712	6 037	Share capital	4,5	1 019 177	1 019 177
Total intangible assets		4 712	6 037	stock Treasury	4	-3 519	-3 519
				Share premium reserve	4	82 209 233	82 209 233
plant and Property, equipment				Other paid-up equity	4	323 830	323 830
Ships	2	61 399 525	63 561 533	Total paid-up equity		83 548 722	83 548 721
Reactivation project costs	2	57 972 784	-
Equipment and other movables	2	641	3 987	Retained earnings
Total property, plant and equipment	2	119 372 950	63 565 520	Other equity		3 519	3 519
				Uncovered loss	4	-53 847 132	-27 086 123
financial Non-current assets				Total retained earnings		-53 843 613	-27 082 604
Total non-current financial assets		-	-
				Total equity		29 705 109	56 466 117
Total fixed assets		119 377 662	63 571 557
				Liabilities
Current assets				liabilities Long-term
				Deferred tax		1 833 972	1 542 524
Inventories		1 753 877	865 530	Liabilites to financial institutions	3	75 000 000	6 000 000
				Total liabilities Long-term		76 833 972	7 542 524
Debtors
Other short-term receivables		10 895 346	743 253	liabilities Current
Total receivables		10 895 346	743 253	Trade payables		23 783 509	834 507
				Other current liabilities		13 734 565	445 329
Cash and cash equivalents		12 030 270	108 138	Total current liabilities		37 518 075	1 279 837
Total current assets		24 679 493	1 716 921	Total liabilities		114 352 046	8 822 361
Total assets		144 057 155	65 288 478	Total equity and liabilities		144 057 156	65 288 478

Financial statement Q3 2023

Interim Consolidated Indirect cash flow Unaudited Amounts in USD NRS Indirect method YTD 2023 YTD 2022 Amount in USD Cash Flow from operating activities Profit/Loss before tax -26 469 560 -7 449 711 Ordinary depreciation 2 166 679 1 443 333 Profit/Loss sale of fixed assets - - Changes in inventories -888 347 175 752 Changes other short term receivable -10 152 093 93 886 Changes in accounts payable 22 949 002 16 002 Change in other accrual items 13 289 235 61 792 Net cash flows from operating activities 894 917 -5 658 946 Cash flow from investment activities Acquisition of intangible assets - - Acquisition of tangible assets -57 972 784 -1 643 Share investment - - Net cash flow from investment activities -57 972 784 -1 643 Cash flow from financing activities Proceeds from equity - - Capital increase costs - - Debt financing 75 000 000 4 000 000 Loan repayment -6 000 000 0 Net cash flow from financing activities 69 000 000 4 000 000 Net change in cash and cash equivalents 11 922 132 -1 660 589 Cash and cash equivalents at the end of period 12 030 270 3 371 914

NOTES to the Financial statements Q3 2023Q3

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 2: Note assets	Intangible	and Fixtures	Rig	Reactivation	Total
	assets	fittings		project costs
of fixed December Acquisition 31 2022 assets	8 835	8 031	68 663 387	-	68 680 253
September Acquisition 30 2023 cost	8 835	8 031	68 663 387	972 784 57	126 653 037
Accumulated depreciation September 30 2023	4 123	390 7	263 862 7	-	275 375 7
Book Value September 30 2023	4 712	641	61 399 525	972 784 57	119 377 662

NOTES to the Financial statements Q3 2023

Note 3: Long-term liabilities

In February 2023, the company secured a term loan facility amounting to 75 million USD with a duration of three years. For the first 18 months, no repayments are required. Starting from August 2024, the company will begin making monthly installments until the loan balance is reduced from 75 million USD to 50 million USD. At the end of the three-year term, the company will repay the remaining balance of 50 million USD.

Shareholders' equity Note 4:	Share capital	Stock Own	Share	Other paid-up	Other equity	Uncovered	Total
			premium	equity		loss
UB 31 12 2022	1 019 177 -	3 519	82 209 233	323 830	3 519 -	27 086 124	56 466 117
for the period Loss						26 761 007 - -	26 761 007
Pr 30 09 2023	1 019 177	-3 519	82 209 233	323 830	3 519	-53 847 131	29 705 109

NOTES to the Financial statements Q3 2023

Shareholders above 1% as of 30 September 2023 Note 5:
Shareholders	Ordinary	Share of votes
UTHALDEN AS	7 855 865	9 06 %
SOLAN CAPITAL AS	6 000 000	, 6 92 %
Goldman Sachs & Co LLC	5 818 659	, 6 ,71 %
HORTULAN AS	3 375 000	3 89 %
ALDEN AS	3 209 660	, 3 ,70 %
TVENGE	3 200 000	3 69 %
Bank Spain CACEIS SA	3 043 224	, % 3 ,51
SCAN CHEMICALS AS	2 368 600	2 ,73 %
CAMACA AS	2 050 000	2 36 %
Paribas BNP Securities Corp	1 902 861	, 2 19 %
INAK 3 AS	1 600 000	, 1 85 %
CIPRIANO AS	1 500 000	, % 1 ,73
CLEARSTREAM BANKING S A	1 319 055	1 ,52 %
HØGSET HOLDING AS	200 000 1	38 % 1
HUSHOVD	1 180 000	, 1 36 %
OLA RUSTAD AS	1 171 398	, 1 35 %
/N Euroclear Bank S A V	1 118 765	, 1 29 %
PORTIA AS	1 100 000	, 1 27 %
		,
MELESIO INVEST AS	1 030 591	% 1 19 ,
SONGA CAPITAL AS	1 026 447	1 18 % ,
TTC INVEST AS	1 000 000	1 15 % ,
A HOLDINGS AS	1 000 000	1 15 % ,
THABO ENERGY AS	1 000 000	1 15 % ,
NORDNET LIVSFORSIKRING AS	989 779	% 1 14 ,
Bank CACEIS Total	906 429 55 966 333	1 05 % , 64,6 %
(interest %) Others < 1	30 730 334	35 4 %
Total	86 696 667	, 100 %

Deep Value Driller AS owns 300 000 Treasury stocks at par value 0,1 NOK which amounts to 0,35% of the company's total stocks.

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.