Deep Value Driller AS

Notice of Dividend Amount • Mar 26, 2024

DEEP VALUE DRILLER: UPSIZE AND AMENDED TERMS UNDER LOAN FACILITY; DIVIDEND POLICY AND PROPOSED DIVIDEND DISTRIBUTION

DEEP VALUE DRILLER: UPSIZE AND AMENDED TERMS UNDER LOAN FACILITY; DIVIDEND POLICY AND PROPOSED DIVIDEND DISTRIBUTION

26 March 2024: Reference is made to the stock exchange notices by Deep Value Driller AS (“DVD”, and together with its subsidiaries, the "Group") of 23 and 24 February 2023 regarding, inter alia, the entering into of a USD 75 million senior secured term loan facility agreement (the “Loan Facility”). Further reference is made to the stock exchange notice of 5 February 2024 where DVD announced that it was evaluating the form of a regular dividend distribution of excess cash to its shareholders.

UPSIZING AND AMENDED TERMS FOR LOAN FACILITY

DVD is pleased to announce the agreement for an upsize of the Loan Facility of USD 50 million (i.e. from USD 75 million to USD 125 million). In connection therewith, the maturity of the Loan Facility has been extended to July 2026, thus matching the end of the firm period for the Group’s current bareboat charter.

The Loan Facility (including the upsize amount) will continue to carry an interest of 9.75% p.a. (which is the same as the USD 75 million original amount), and the upsize amount of USD 50 million will have an original issue discount of 2%.

The amortization profile for the Loan Facility (including the upsize amount) will also remain the same, however with amortization at maturity down to approx. USD 93 million.

DIVIDEND POLICY AND PROPOSED DIVIDEND DISTRIBUTION

DVD is further pleased to announce that the board of directors has resolved to propose that the annual general meeting of DVD (the "AGM") resolves to distribute a dividend in the amount of NOK 3.00 per share, in total approximately NOK 260 million. The AGM is expected to be held on 14 May 2024, and further announcements will be made in due course.

The board of directors of DVD remains focused on providing DVD's shareholders with a competitive combined return on their investment through the DVD share price and, when DVD's position so allows, dividends to its shareholders. In addition to the dividend proposed resolved by the AGM, the board of DVD has therefore resolved the following dividend distribution policy:

"The dividend policy of Deep Value Driller AS is to pay dividends from the Group's operational free cash flow, after tax and debt service, to DVD's shareholders on a quarterly basis.

Any dividends declared in the future will be subject to applicable laws, the board being granted an authorization by the general meeting of DVD to distribute dividends and will depend upon the Group's earnings, market prospects, restrictions under the Group's Loan Facility, and maintaining required working capital and a robust cash buffer. The timing and amount of dividends, if any, are at the discretion of the board.

Dividends will be declared in USD and paid in NOK.

For tax purposes dividends will be classified as a repayment of paid in capital and not a taxable dividend, for as long as there is paid-in capital available on DVD's shares."

Contacts

Svend Anton Maier, CEO

+47 41 42 71 29

sam@deepvaluedriller.no

Einar J. Greve, Chairman of the Board

+47 90 02 77 66

ejg@cipriano.no

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.

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 on 26 March 2024 at 20:30 CET.