Deep Value Driller AS

Investor Presentation • May 5, 2023

Deep Value Driller AS Q1 2023

Q1 2023

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 Q1

24 January 2023 the company signed a bareboat charter for the drilling vessel "Deep Value Driller" between the Company's subsidiary, Deep Value Driller Ltd., and Saipem Comercio Maritimo Sociedade Unipessoal Lda., a wholly owned subsidiary of Saipem S.p.A. The Charterer will utilize the Drillship for operations on the Ivory Coast under a drilling contract entered into between Charterer and Eni Côte d'Ivoire Ltd.

The Contract is a firm 11 wells contract with an estimated period of 985 days (excluding mobilization/demobilization). The Contract may be extended by up to six additional wells. The Contract adds approximately USD 160 million of firm revenue backlog to the Group (excluding the rate payablefor any optionalextensions of the Contract).

In February 2023 Deep Value Driller Ltd. entered into a USD 75 million loan facility agreement with a reputable private lender. The company's current forecast for the reactivation of the drillship amounts to USD 43.6 million, while approx. USD 10 million will be used to refinance the company's existing credit facility. The remaining proceeds of the loan facility will be used for general corporate purposes and is considered sufficient to bridge cash flow need until operational income and cashflow starts end of summer 2023.

Main events going forward

The Group has commenced reactivation activities for the Drillship which is expected to be completed in early Q3 2023 after which the Drillship will be delivered to the Charterer under the Contract.

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:

• ➢ Reactivation project has commenced at Westcon Yards.
• ➢ The project is manned up with service and project personnel to execute existing plan.
• ➢ Main activities:
• ➢ Vessel re-certification
• ➢ Required upgrades
• ➢ Testing
• ➢ Sea trials
• ➢ Acceptance tests at end of project
• ➢ Sub supplier PSW shows good progression in upgrading of both BOP's

Location:

➢ Reactivation takes place at Westcon Yard in Ølensvåg in Norway.

K e y f i g u r e s
\$65,000,000	\$3,663,387
\$20,836/day	\$12,532,876

Financial statement Q1 2023

(P&L) Interim Consolidated Profit and Loss Statement
Unaudited Amounts in USD
Operating income and operating expenses	Note	Q1 - 2023	Q1 - 2022
Other income		-	-
Operational cost		2 195 851	2 927 455
Employee benefits expense		467 489	222 477
and Depreciation amortisation expenses	2	721 780	721 643
Other expenses		1 059 470	376 630
Total expenses		591 4 444	248 205 4
profit/loss Operating		-4 444 591	-4 248 205
Financial and income expenses
financial Net items	3	-2 243 817	4 209
profit before Net tax		-6 688 408	243 996 -4
Changes deferred in tax		159 257
for the period Loss		-6 529 150	-4 243 996
Allocation of result net
Transferred retained earnings to		-6 529 150	-4 243 996

Financial statement Q1 2023

Interim Consolidated statement of Financial Position

Unaudited Amounts in USD
Assets	Note	31.March 2023	31.December 2022
Non-current assets
Intangible assets
patents, licences Concessions,	2	5 595	6 037
Total intangible assets		595 5	6 037
Property, plant and equipment
Ships	2	62 840 864	63 561 533
Reactivation project costs	2	12 532 876	-
Equipment and other movables	2	3 317	3 987
Total property, plant and equipment	2	75 377 057	63 565 520
Non-current financial assets Total non-current financial assets		-
			-
Total fixed assets		382 652 75	63 571 557
Current assets
Inventories		476 406	865 530
Debtors
Other short-term receivables		3 311 987	743 253
Total receivables		3 311 987	743 253
Cash and cash equivalents		60 528 914	108 138
Total current assets		64 317 307	1 716 921
Total assets		139 699 959	65 288 478

Interim Consolidated statement of Financial Position
Unaudited Amounts in USD
Equity and liabilities	Note	31.March 2023	31.December 2022
Equity
Paid-in capital
Share capital	4	1 019 177	1 019 177
Treasury stock	4	-3 519	-3 519
Share premium reserve	4	82 209 233	82 209 233
Other paid-up equity	4	323 830	323 830
Total paid-up equity		83 548 722	83 548 721
Retained earnings
Other equity		3 519	3 519
Uncovered loss	4	-33 615 274	-27 086 124
Total retained earnings	-	33 611 755 -	27 082 605
Total equity		49 936 967	56 466 116
Liabilities
Long-term liabilities
Deferred tax		1 383 267	1 542 524
Liabilites to financial institutions		75 000 000	6 000 000
Total Long-term liabilities	3	76 383 267	7 542 524
Current liabilities
Trade payables		10 435 547	834 507
Other current liabilities		2 944 179	445 329
Total current liabilities		13 379 726	1 279 837
Total liabilities		89 762 993	8 822 361
Total equity and liabilities		139 699 959	65 288 478

Financial statement Q1 2023

Interim Consolidated Indirect cash flow
Unaudited Amounts in USD
Indirect method NRS	Q1 2023	Q1 2022
Amount in USD
Cash Flow from operating activities
Profit/Loss before tax	-6 688 408	-4 243 996
Ordinary depreciation	721 780	721 643
Profit/Loss sale of fixed assets	-	-
Changes in inventories	389 124	221 034
Changes other short receivable term	-2 568 734	-358 273
Changes in payable accounts	9 601 040	-242 948
Change in other accrual items	2 498 849	255 990
flows from Net cash operating activities	3 953 653 -	3 646 550
Cash flow from investment activities
of intangible Acquisition assets	-	-
of tangible Acquisition assets	12 532 876 -	-
Share investment	-	-
cash flow from investment activities Net	12 532 876 -	-
Cash flow from financing activities
Proceeds from equity	-	-
Capital increase costs	-	-
Debt financing	75 000 000	-
Loan repayment	-6 000 000	-
cash flow from financing activities Net	69 000 000	-
Net change in cash and cash equivalents	60 420 776	-3 646 550
Cash and cash equivalents the end of period at	60 528 914	1 385 953

NOTES to the Financial statements Q1 2023Q3

Notes to the Financial statements

Note 1: Summary of Significant Accounting Policies Company overview Deep Value Driller AS is a company whos 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	Fixtures	and	Rig	Reactivation	Total
	assets	fittings			project costs
of fixed December Acquisition 31 2022 assets	8	835	8 031	68 663 387		68 680 253 -
Acquisition March 31 2023 cost	8	835	8 031	68 663 387	12 532 876	81 213 129
Accumulated depreciation March 31 2023	3	240	4 714	5 822 523		5 830 477 -
Book Value March 31 2023	5	595	3 317	62 840 864	12 532 876	75 382 652

NOTES to the Financial statements Q1 2023

Note 3: Long-term liabilities

The company has received a term loan facility of 75 MUSD. This is a 3 year agreement. No repayment first 18 months, next 18 months downpayment 75MUSD to 50MUSD. After 3 years repayment of the remaining balance of 50MUSD. In Q1 the company repaid the existing revolving credit facility of 10 MUSD.

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					-	6 529 150 -	6 529 150
Pr 31 03 2023	1 019 177 -	3 519	82 209 233	323 830	3 519 -	33 615 273	49 936 967

NOTES to the Financial statements Q1 2023

Shareholders above 1% as of 31 March 2023 Note 5:
Shareholders	Ordinary	of Share votes
UTHALDEN AS	7 660 865	8,84 %
SOLAN CAPITAL AS	6 000 000	6,92 %
Goldman Sachs & Co. LLC	5 628 581	6,49 %
Bank CACEIS Spain SA	3 352 923	3,87 %
TVENGE	3 250 000	3,75 %
ALDEN AS	2 794 660	3,22 %
INAK 3 AS	2 500 000	2,88 %
S.A./N Euroclear Bank .V.	2 351 181	2,71 %
HORTULAN AS	2 250 000	2,60 %
CLEARSTREAM BANKING S.A.	1 938 684	% 2,24
SCAN CHEMICALS AS	1 800 000	2,08 %
CAMACA AS	1 700 000	1,96 %
Chase Bank London JPMorgan , N.A.,	1 503 228	% 1,73
PORTIA AS	1 500 000	1,73 %
CIPRIANO AS	1 500 000	1,73 %
HUSHOVD	1 300 000	% 1,50
MELESIO INVEST AS	1 200 000	1,38 %
HØGSET HOLDING AS	1 200 000	1,38 %
OLA RUSTAD AS	398 1 171	1,35 %
GRØNLAND	1 055 000	1,22 %
NORDNET LIVSFORSIKRING AS	1 005 122	1,16 %
TTC INVEST AS	1 000 000	1,15 %
A HOLDINGS AS	1 000 000	1,15 %
THABO ENERGY AS	1 000 000	1,15 %
SONGA CAPITAL AS	997 000	1,15 %
The Bank of York Mellon SA/NV New	957 932	1,10 %
Total	57 616 574	66,5 %
Others (interest %) < 1	29 080 093	33,5 %
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.

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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.