Deep Value Driller AS

Quarterly Report • May 3, 2024

Deep Value Driller AS Q1 2024

Q1 2024

OVERVIEW CONTENT

• Comments from the Board of directors

• Key Figures

• Financial statement

• Notes

• Disclaimer

Comments from the Board of directors

Main events

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 mid-October 2023 where she commenced operation 1. November. The rig has been on full day rate since 1 Nov 2023. The rig is working on her third location. The remaining reactivation project activities, including BOP 2, have been finalized and closed on board the drill ship during first quarter 2024.

In February 2023 Deep Value Driller Ltd. entered into a USD 75.0 million loan facility agreement with a reputable private lender. 26 March 2024 signed a contract to upsize this loan by USD 50.0 million to repay a shareholder's loan, cover the remaining part of recertification costs and to fast track the payment of dividends to shareholders. Loan upsize recognition early April.

Main events going forward

AGM is called for May 14th. The board of directors proposes that the AGM resolves to distribute a dividend in the amount of NOK 3.00 per share, in total NOK 260 million. The distribution shall constitute a repayment of DVD's paid-in capital.Key information relating to the proposed cash dividend is included in the Company's announcement of 26 March 2024.

The board of directors also proposes that the general meeting authorizes the board to resolve and distribute dividends, based on the annual accounts for 2023. The board's resolution will inter alia be conditioned on that distribution of dividends at the time of distribution is deemed appropriate based on the Company's financial situation, as further detailed in the stock exchange notice of 26 March 2024.

K e y f i g u r e s
\$65,000,000	\$3,663,387
\$30,699/day	\$64,292,268

Financial statement Q1 2024

Interim Consolidated Profit and Loss (P&L) Statement
Unaudited Amounts in USD
Operating income and operating expenses	Note	Q1 - 2024	Q1 - 2023
Daily rate		13 650 000
Other income		751 463
Total Income		14 401 463
Operational cost		(1 858 726)	(2 195 851)
Employee benefits expense		(60 457)	(467 489)
Depreciation and amortisation expenses	2	(3 943 838)	(721 780)
Other expenses		(40 763)	(1 059 470)
Total expenses		(5 903 783)	(4 444 590)
Operating profit (loss)		8 497 680	(4 444 590)
Operating profit (loss) before depreciation (EBITDA)		12 441 518	(3 722 810)
Financial income and expenses
Financial income		228 288	200 736
Financial expenses		(2 451 003)	(2 444 553)
Net financial items	3	(2 222 716)	(2 243 817)
Net profit (loss) before tax		6 274 964	(6 688 407)
Income tax for the period		(209 241)	159 257
Profit (loss) for the period		6 065 724	(6 529 149)
Transferred to retained earnings		6 065 724	(6 529 149)

Financial statement Q1 2024

Unaudited Amounts in USD
Assets	Note	31 March 2024	31 December 2023
Non-current assets
Intangible assets
Concessions, patents, licences	2	3 826	4 270
Total intangible assets		3 826	4 270
Property, plant and equipment
Ships	2	59 958 186	60 678 856
Reactivation project cost	2	57 973 902	60 425 188
Equipment and other movables	2	636	1 305
Total property, plant and equipment	2	117 932 724	121 105 349
Non-current financial assets
Total non-current financial assets
Total fixed assets		117 936 550	121 109 618
Current assets
Inventories		1 514 200	1 514 200
Debtors
Other short-term receivables		11 846 614	7 008 116
Total receivables		11 846 614	7 008 116
Cash and cash equivalents		8 132 291	11 931 255
Total current assets		21 493 104	20 453 570
Total assets		139 429 654	141 563 188

Interim Consolidated statement of Financial Position
Unaudited Amounts in USD
Equity and liabilities	Note	31 March 2024	31 December 2023
Equity
Paid-in capital
Share capital	4,5	1 019 177	1 019 177
Treasury stock	র্বা	(3 519)	(3 519)
Share premium reserve	4	82 209 233	82 209 233
Other paid-up equity	4	383 146	383 146
Total paid-up equity		83 608 037	83 608 037
Retained earnings
Other equity		3519	3 519
Uncovered loss	4	(45 323 067)	(51 388 791)
Total retained earnings		(45 319 548)	(51 385 272)
Total equity		38 288 489	32 222 766
Liabilities
Long-term liabilities
Deferred tax liabilities		2 365 486	2 365 486
Liabilities to financial institutions	3	75 000 000	75 000 000
Total Long-term liabilities		77 365 486	77 365 486
Current liabilities
Payable tax		613 210	403 970
Trade payables		8 305 587	16 409 420
Other current liabilities		14 856 882	15 161 547
Total current liabilities		23 775 679	31 974 936
Total liabilities		101 141 164	109 340 422
Total equity and liabilities		139 429 654	141 563 188

Financial statement Q1 2024

Interim Consolidated Indirect cash flow
Unaudited Amounts in USD
NRS Indirect method	Q1 2024	Q1 2023
Amount in USD
Cash Flow from operating activities
Profit/Loss before tax	6 274 964	(6 688 408)
Ordinary depreciation	3 943 838	721 780
Profit/Loss sale of fixed assets
Changes in inventories		389 124
Changes other short term receivable	(4 838 498)	(2 568 734)
Changes in accounts payable	(8 103 834)	9 601 040
Change in other accrual items	(304 665)	2 498 849
Net cash flows from operating activities	(3 028 194)	3 ਰਵੇਤ ਦਿੱਤਾ
Cash flow from investment activities
Acquisition of intangible assets
Acquisition of tangible assets	(770 769)	(12 532 876)
Share investment
Net cash flow from investment activities	(770 769)	(12 532 876)
Cash flow from financing activities
Proceeds from equity
Capital increase costs
Debt financing		75 000 000
Loan repayment		(6 000 000)
Net cash flow from financing activities		69 000 000
Net change in cash and cash equivalents	(3 798 963)	60 420 775
Cash and cash equivalents at the end of period	8 132 291	60 528 914

NOTES to the Financial statements Q1 2024

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.

Note 2: Fixed assets	Intangible	Fixtures and	Rig	Reactivation	Total
	assets	fittings		project costs
Acquisition at 31 December 2023	8 835	8 031	68 663 387	63 521 499	132 201 752
Additions in Q1 2024				770 769	770 7691
Acquisition cost at 31 March 2024	8 832	8 031	68 663 387	64 292 268	132 972 521
Opening book value 2024	4 270	1 305	60 678 856	60 425 188	121 109 618
Depreciation & amortisation Q1 2024	(444)	(୧୧୨)	(720 669)	(3 222 056)	(3 943 838)
Accumulated depreciation & amortisation	(5 009)	(7395)	(8 705 201)	(6 318 366)	(15 035 971)
Closing Book Value 31 March 2024	3 826	636	ਦੇਰੇ ਰੇਵੇਲ 186	57 973 902	117 936 550

NOTES to the Financial statements Q1 2024

Note 4: Shareholders' equity	Share capital	Own Stock	Share Other paid-up		Other equity	Uncovered	Total
			premium	equity		1055
Opening balance 1 January 2024	1 019 177	(3 519)	82 209 233	383 146		3 519	32 222 765
Share-based payment
profit for the period						6 065 724	6 065 724
Closing balance 31 December 2023	1 019 177	(3 ਵਹਰ)	82 209 233	383 146		3 519	38 288 489

NOTES to the Financial statements Q1 2024

Shareholders	Ordinary	Share of votes
UTHALDEN AS	7 978 365	9,20 %
Goldman Sachs & Co. LLC	6 444 835	7,43 %
SOLAN CAPITAL AS	6 000 000	6,92 %
TORSTEIN INGVALD TVENGE	3 300 000	3,81 %
HORTULAN AS	3 284 040	3,79 %
ALDEN AS	3 259 660	3,76 %
SCAN CHEMICALS AS	2 400 000	2,77%
CAMACA AS	2 100 000	2,42 %
BNP Paribas Securities Corp.	1 902 861	2,19 %
THOR HUSHOVD	1 707 311	1,97 %
CACEIS Bank Spain SA	1 605 000	1,85 %
CIPRIANO AS	1 500 000	1,73 %
NORDA ASA	1 455 284	1,68 %
Citibank Europe plc	1 438 224	1,66 %
HØGSET HOLDING AS	1 200 000	1,38 %
ARVO INVEST AS	1 171 398	1,35 %
Euroclear Bank S.A./N.V.	1 113 401	1,28 %
SONGA CAPITAL AS	1 069 131	1,23 %
NORDNET LIVSFORSIKRING AS	1 035 453	1,19 %
MELESIO INVEST AS	1 030 591	1,19 %
CLEARSTREAM BANKING S.A.	1 014 568	1,17%
ALCANCIA CAPITAL AS	1 000 000	1,15 %
TTC INVEST AS	1 000 000	1,15 %
A HOLDINGS AS	1 000 000	1,15 %
PORTIA AS	1 000 000	1,15 %
THABO ENERGY AS	1 000 000	1,15 %
Merrill Lynch International	ਰੇਤੋ 363	1,11 %
CACEIS Bank	906 429	1,05 %
The Bank of New York Mellon SA/NV	868 004	1,00 %
Total	59 742 918	68,9 %
Others (interest < 1 %)	26 953 749	31,1 %
Total	86 696 667	100 %

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.