Deep Value Driller AS

M&A Activity • Mar 7, 2025

Deep Value Driller AS – option agreement with Saipem

Deep Value Driller AS – option agreement with Saipem

Oslo, 7 March 2025: Deep Value Driller AS (the "Company" and together with its subsidiaries, the "Group") is pleased to announce the entry into an option agreement (the "Option Agreement") with Saipem (the "Charterer") where the Charterer has been granted an option (the "Option") until 14 April 2025 (the "Option Deadline") to enter into an amended bareboat charter (the "Amended Bareboat Charter") for the Group's 7th generation mobile offshore drilling vessel "Deep Value Driller" (the "Drillship").

If the Option is exercised, the period under the current bareboat charter will be considered completed on 1 July 2025 (the "Completion Date") and the Amended Bareboat Charter will cover a period of 365 days (the "Initial Period") from the Completion Date, with an option for the Charterer within the first 6 months of the Initial Period to extend the Initial Period with an additional 365 days (the "Second Period"). The Amended Bareboat Charter, if entered into, will for the Initial Period add in the range of USD 50 million in revenue backlog to the Group, assuming no idle period for the Drillship or other periods where reduced rates may apply as per the Amended Bareboat Charter. If the Option is not exercised by the Charterer within the Option Deadline, the Charterer will make a one-time payment to the Group of USD 10 million in cash.

Upon exercise of the Option to enter into the Amended Bareboat Charter, the Charterer is further granted an option (the "Purchase Option") to purchase the Drillship (the "Potential Transaction"). The Purchase Option may be exercised during the first 180 days of the Initial Period, or if the option to extend the Amended Bareboat Charter is exercised, alternatively during the first 180 days of the Second Period. The purchase price in the Potential Transaction will be USD 300 million, plus payment of the remaining hire for the Initial Period (if any).

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Contacts:

Svend Anton Maier, CEO

+47 41 42 71 29

sam@deepvaluedriller.no

Einar J. Greve, Chairman of the Board

+41 79 644 77 66

ejg@cipriano.no

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication by CEO Svend Anton Maier at the date and time set out herein, on behalf of the Company.

About Deep Value Driller

Deep Value Driller AS is a drillship-owning company which owns the high specification UDW 7th generation drillship "Deep Value Driller", built in 2014. As part of its strategy, the company has an ambition to create and maximise value for its customers and investors, while at the same time ensuring safe and sustainable operation of its drillship. For further information, visit www.deepvaluedriller.no.

Forward Looking Statements

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon

assumptions as to future events that may not prove accurate. Actual results may differ materially from those expected or projected in the forward-looking statements. The Company undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.