Deep Value Driller AS

Investor Presentation • Feb 28, 2023

Deep Value Driller AS Q4 2022

Q4 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 Q4

No major events during Q4 as the rig was in continued warm layup at the Westcon Yard in Ølensvåg.

Main events going forward

23 February 2023 the company announced the entry into and effectiveness of a bareboat charter for the drilling vessel "Deep Value Driller" with charterer Saipem, an energy service group currently active in the drilling segment in West Africa, Mediterranean, US Gulf, Middle East and Norway.

The Contract covers a firm period of approximately 3 years. The Contract may be extended by up to approximately a further one-year period. The Contract adds approximately USD 160 million of firm revenue backlog to the Group.

The Group has commenced reactivation activities for the Drillship which are expected to be completed during the summer of 2023 upon which the Drillship will be delivered to the charterer under the Contract.

To fund the reactivation activities, refinancing of the Company's existing credit facility and general corporate purposes, DVD Ltd. has entered into a USD 75 million senior secured term loan facility agreement with a reputable private lender and Nordic Trustee AS as facility and security agent. The Company's current budget for the reactivation of the Drillship amounts to approx. USD 40 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. The Loan Facility will mature three years from the date of the Loan Facility with a balloon payment of approx. USD 50 million after equal monthly amortizations in the period from 18 months after the date of the Loan Facility until maturity. The Loan Facility will be secured by a first priority security interest in the Drillship and the assets held by the Group.

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

• Up to year end the vessel has been warm stacked with a crew of 15 persons

• All the main systems onboard are being operated on a regular basis

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.

• Detailed plan established to prepare for reactivation.

> 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
\$20,341/day	\$4,273,572

Financial statement Q4 2022

Interim Consolidated Profit and (P&L) Loss Statement
Unaudited Amounts in USD
Operating income and operating expenses	Note	Q4 - 2022	Q4 - 2021	YTD 2022	2021* YTD
Other income		0	0	0	0
Stacking costs		1 376 654	1 994 227	7 746 092	5 414 355
Employee benefits expense		349 158	461 567	957 402	579 372
and Depreciation amortisation expenses	2	721 779	722 427	2 886 891	2 221 806
Other expenses		278 720	1 450 650	1 443 606	4 068 522
Total expenses		2 726 311	4 628 871	13 033 991	12 284 055
profit/loss Operating		-2 726 311	-4 628 871	-13 033 991	-12 284 055
Financial income and expenses
financial items Net	3	-266 920	-19 701	-517 083	161 091
profit after Net tax		-2 993 230	-4 648 572	-13 551 074	-12 122 964
for the period Loss		-2 993 230	-4 648 572	-13 551 074	-12 122 964
Allocation of result net
Transferred retained earnings to		-2 993 230	-4 648 572	-13 551 074	-12 122 964

Financial statement Q4 2022

Interim Consolidated statement of Financial Position

Unaudited Amounts in USD
Assets	Note	31.December 2022	31.December 2021
Non-current assets
Intangible assets
patents, licences Concessions,	2	6 037	7 804
Total intangible assets		6 037	7 804
plant and equipment Property,
Ships	2	63 561 533	66 444 211
Equipment and other movables	2	3 987	790 4
Total property, plant and equipment	2	63 565 520	66 449 001
Non-current financial assets
Total non-current financial assets		-	-
Total fixed assets		63 571 557	66 456 805
Current assets
Inventories		865 530	633 072
Debtors
Other short-term receivables		483 514	436 110
Total receivables		483 514	436 110
Cash and cash equivalents		108 138	5 032 503
Total current assets		1 457 182	6 101 685
Total assets		65 028 739	72 558 490

Interim Consolidated statement of Financial Position
Unaudited Amounts in USD
Equity and liabilities	Note	31.December 2022	31.December 2021
Equity
Paid-in capital
Share capital	4	1 019 177	1 015 261
Treasury stock	4	-3 519	-3 519
Share premium reserve	4	82 209 233	81 880 257
Other paid-up equity	4	438 150	183 335
Total paid-up equity		83 663 042	83 075 335
Retained earnings
Other equity		3 519	3 519
Uncovered loss	র্যা	-25 674 038	-12 122 964
Total retained earnings		25 670 519	12 119 445
Total equity		57 992 523	70 955 890
Liabilities
Long-term liabilities
Liabilities to financial institutions		6 000 000
Total Long-term liabilities	3	6 000 000
Current liabilities
Trade payables		834 507	1 298 064
Other current liabilities		201 709	304 536
Total current liabilities		1 036 216	1 602 600
Total liabilities		7 036 216	1 602 600
Total equity and liabilities		65 028 739	72 558 490

Financial statement Q4 2022

Interim Consolidated Indirect cash flow
Unaudited Amounts in USD
NRS Indirect method	Q4 2022	Q4 2021	YTD 2022	YTD 2021
Amount in USD
Cash Flow from operating activities
Profit/Loss before tax	-2 993 230 -	4 648 573	-13 551 074	-12 122 964
Ordinary depreciation	721 779	722 427	2 886 891	2 221 806
Profit/Loss sale of fixed assets
Changes in inventories	-267 890 -	633 072	-232 458	-633 072
Changes other short term receivable	-81 482 -	436 110	-47 404	-436 110
Changes in accounts payable	314 039	1 062 593	-463 557	1 298 064
Change in other accrual items	-367 488	621 521	-102 828	487 871
Net cash flows from operating activities	2 674 272	3 311 214	11 510 430	9 184 405
Cash flow from investment activities
Acquisition of intangible assets		-15 223		-15 223
Acquisition of tangible assets		5 381	-1 643	-68 663 388
Share investment		0
Net cash flow from investment activities			1 643	68 678 611
Cash flow from financing activities
Proceeds from equity	254 815	2 116 779	587 708	85 012 297
Capital increase costs		-2 116 778		-2 116 778
Long-termin liabilities	2 000 000	0	6 000 000
Net cash flow from financing activities	2 254 815		6 587 708	82 895 519
Net change in cash and cash equivalents	-419 458	-3 321 055	-4 924 365	5 032 503
Cash and cash equivalents at the end of period	108 138	5 032 503	108 138	5 032 503

NOTES to the Financial statements Q4 2022Q1-

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

Q3

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		Total
	assets	fittings
Acquisition of fixed December 31 2021 assets	8 835	6 388		68 663 387	68 678 610
December Acquisition 31 2022 cost	8 835	8 031		68 663 387	68 680 253
Accumulated depreciation December 31 2022	2 798	4 044		5 101 854	5 108 696
Book Value December 31 2022	6 037	3 987		63 561 533	63 571 557

NOTES to the Financial statements Q4 2022

Note 3: Long-term liabilities

The company has received a revolving credit facility of 10 MUSD.

End of year 2022 this credit has been drawn to 6 MUSD, and resepctively 4 MUSD still available.

Shareholders' equity Note 4:	Share capital	Stock Own	Share	Other paid-up	Other equity	Uncovered	Total
			premium	equity		loss
UB 31 12 2021	1 015 261 -	3 519	81 880 258	183 335	3 519 -	12 122 964	70 955 890
Capital increase 19 09 2022	3 916		328 976				332 893
Sharebased payment				254 815			254 815
for the period Loss					-	13 551 074 -	13 551 074
31 12 2022 Pr	019 1 177 -	3 519	82 209 234	438 150	3 519 -	25 674 038	992 524 57

NOTES to the Financial statements Q4 2022

Shareholders above 1% as of December Note 5: 31 2022
Shareholders	Ordinary	Share of votes
UTHALDEN AS	7 620 865	% 8,79
Goldman Sachs & Co. LLC	6 000 000	6,92 %
SOLAN CAPITAL AS	5 500 000	% 6,34
Bank CACEIS Spain SA	3 479 021	4,01 %
TVENGE	3 250 000	% 3,75
Euroclear Bank S.A./N .V.	2 621 600	3,02 %
INAK 3 AS	2 500 000	% 2,88
ALDEN AS	2 302 668	2,66 %
Merrill Lynch Prof . Clearing Corp.	2 211 912	% 2,55
Switzerland UBS AG	1 800 135	2,08 %
CLEARSTREAM BANKING S.A.	1 781 410	% 2,05
Chase Bank London JPMorgan , N.A.,	1 500 000	1,73 %
CAMACA AS	1 500 000	% 1,73
PORTIA AS	1 500 000	1,73 %
CIPRIANO AS	1 500 000	% 1,73
NORDNET LIVSFORSIKRING AS	1 350 926	1,56 %
HUSHOVD	1 300 000	% 1,50
MELESIO INVEST AS	1 200 000	1,38 %
HØGSET HOLDING AS	1 200 000	% 1,38
SCAN CHEMICALS AS	1 150 000	1,33 %
OLA RUSTAD AS	1 081 398	% 1,25
The Bank of York Mellon SA/NV New	1 040 424	1,20 %
HORTULAN AS	1 025 000	% 1,18
TTC INVEST AS	1 000 000	1,15 %
A HOLDINGS AS	1 000 000	% 1,15
Total	56 415 359	65,1 %
(interest %) Others < 1	30 281 308	34,9 %
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.