Deep Value Driller AS

Quarterly Report • Feb 7, 2025

Deep Value Driller AS Q4 2024

OVERVIEW CONTENT

• Comments from the Board of directors

• 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.

Deep Value Driller commenced operation on full day rate November 1st 2023.

The rig is performing to the satisfaction of the charterer and has delivered exceptional operational performance and safety, currently the technical utilization remains high, well above 98%.

Main events going forward

The company decision of distributing excess cash by 0,25 NOK per share per month remains.

Financial statement Q4 2024

(P&L) Interim Consolidated Profit and Loss Statement
Unaudited Amounts in USD
and Operating income operating expenses	Note	Q4 - 2024	Q4 - 2023	YTD 2024	YTD 2023
Daily rate		13 800 000	10 335 000	900 000 54	226 667 11
Other income		624 434	752 288	2 510 987	1 405 471
Total Income		14 424 434	11 087 288	57 410 987	12 632 138
Operational cost		(918 069)	(824 949)	(5 374) 373	(18 461) 841
Employee benefits expenses		(53 006)	(209 115)	(248 198)	(1 496) 011
and Depreciation amortisation expenses	2	(4 192) 155	(3 760) 816	(16 972) 182	(5 438) 983
Other expenses		(40 622)	(147 967)	(264 074)	(1 418) 544
Total expenses		(5 889) 166	(4 791) 998	(22 619) 068	(27 813) 380
Operating profit (loss)		9 257 545	6 088 497	35 342 369	(14 675) 748
profit (loss) before depreciation (EBITDA) Operating		13 412 737	9 905 257	51 525 341	(8 237) 765
Financial income and expenses
Financial income		346 988	356 419	1 544 998	2 033 238
Financial expenses		(3 906) 160	(3 092) 051	(12 793) 924	(10 299) 360
financial items Net	3	(2 813 919)	(2 694 673)	(11 379 794)	(8 327 061)
profit (loss) before Net tax		6 443 626	3 393 824	23 962 574	(23 736) 075
Income for the period tax		(1 935) 241	(112 522)	(2 679) 005	(403 970)
Profit (loss) for the period		5 201 692	3 281 302	21 956 896	(23 706) 479
Transferred retained earnings to		201 692 5	3 281 302	21 956 896	(23 479 706)

Financial statement Q4 2024

Consolidated Interim statement	of Financial	Position
Unaudited Amounts in USD
Assets	Note	31 December 2024	31 December 2023
Non-current assets
Intangible assets
patents, licences Concessions,	2	2 494	4 270
Total intangible assets		2 494	4 270
plant and Property, equipment
Ships	2	57 694 923	60 678 856
Reactivation project cost	2	50 268 055	60 425 188
and other movables Equipment	2	225	1 305
Total property, plant and equipment	2	107 963 203	121 105 349
financial Non-current assets
Total non-current financial assets		-	-
Total fixed assets		107 965 697	121 109 618
Current assets
Inventories		1 095 089	1 514 200
Debtors
Other short-term receivables		11 382 479	7 008 116
Total receivables		11 382 479	7 008 116
Cash and cash equivalents		12 378 104	11 931 255
Total current assets		24 855 672	20 453 570
Total		132 821 369	141 563 188
assets

Interim Consolidated of Financial Position statement
Unaudited Amounts in USD
Equity and liabilities	Note	December 31 2024	December 31 2023
Equity
Paid-in capital
Share capital	4,5	1 019 177	1 019 177
stock Treasury	4	(3 519)	(3 519)
Share premium reserve	4	33 699 834	82 209 233
Other paid-up equity	4	383 146	383 146
Total paid-up equity		35 098 638	83 608 037
Retained earnings
Other equity		3 519	3 519
Uncovered loss	4	(29 267 773)	(51 388 791)
Total retained earnings		(29 264 254)	(51 385 272)
Total equity		5 834 385	32 222 766
Liabilities
liabilities Long-term
Deferred tax liabilities		2 201 364	2 365 486
Liabilities to financial institutions	3	118 055 000	75 000 000
Total liabilities Long-term		120 256 364	77 365 486
Current liabilities
Payable tax		2 005 679	403 970
Trade payables		147 626	16 409 420
Other current liabilities		4 577 316	15 161 547
Total current liabilities		6 730 620	31 974 936
Total liabilities		126 986 984	109 340 422
Total equity and liabilities		132 821 369	141 563 188

Financial statement Q4 2024

Interim Consolidated Indirect cash flow
Unaudited Amounts in USD
NRS Indirect method	2024 YTD	2023 YTD
in USD Amount
Cash Flow from operating activities
Profit/Loss before tax	23 962 574	(23 736) 075
Ordinary depreciation	16 182 972	5 983 438
Changes in inventories	419 111	(648 670)
Changes other short-term receivable	(4 363) 374	(6 863) 264
Changes payable in trade	(16 795) 261	15 574 913
Changes other accrual in items	(10 200) 988	14 716 218
cash flows from operating activities Net	8 940 300	6 285 300
flow from Cash investment activities
of tangible Acquisition assets	(3 051) 039	(63 499) 521
cash flow from investment activities Net	(3 051) 039	(63 499) 521
Cash flow from financing activities
Proceeds from equity	-	59 316
Dividends	(48 399) 509	-
Debt financing	50 000 000	75 000 000
Loan repayment	(6 000) 945	(6 000) 000
cash flow from financing activities Net	(5 399) 454	69 059 316
change in cash and cash equivalents Net	446 850	11 823 116
Cash and cash equivalents the end of period at	12 378 105	11 931 254

NOTES to the Financial statements Q4 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.

Fixed Note 2: assets	Intangible assets	Fixtures and	Rig Reactivation project		Total
		fittings		costs
December Acquisition 31 2023 at	8 835	8 031	68 663 387	63 521 499	132 201 752
Additions in 2024	-	-	-	3 039 051	3 039 051
Acquisition December 31 2024 cost at	8 835	8 031	68 663 387	66 560 550	135 240 803
book value Opening 2024	4 270	1 305	60 678 856	60 425 188	121 109 618
Depreciation & amortisation 2024	(1 776)	(1 080)	(2 932) 983	(13 184) 196	(16 972) 182
Accumulated depreciation & amortisation	(6 341)	(7 806)	(10 464) 968	(16 495) 292	(27 106) 275
Closing Book Value December 31 2024	2 494	225	57 694 923	50 268 055	107 965 697

NOTES to the Financial statements Q4 2024

Note 3: Long-term liabilities

On March 26, 2024, the loan facility of 75 million USD was upsized by 50 million USD to 125 million USD. Monthly installments started in August 2024 as earlier planned, but the maturity of the loan facility has been extended to July 2026.

Shareholders' Note 4: equity	Share capital	Stock Own	Share premium	Other paid-up	Other equity	Uncovered loss	Total
				equity
Opening balance 2024 1 January	019 1 177	(3 519)	82 209 233	383 146	3 519	(51 791) 388	32 222 765
Dividends			(48 399) 509				(48 399) 509
Profit for the period						22 121 018	22 121 018
Closing balance December 31 2024	1 019 177	(3 519)	33 699 834	383 146	3 519	(29 773) 267	5 834 384

NOTES to the Financial statements Q4 2024

Shareholders above as of December Note 5: 1% 31 2024
Shareholders	Ordinary	Share of votes
Goldman Sachs & Co. LLC	8 914 814	% 10,28
UTHALDEN AS	8 338 154	9,62 %
SOLAN CAPITAL AS	7 000 000	8,07 %
ALDEN AS	3 171 475	3,66 %
HORTULAN AS	2 604 790	3,00 %
SCAN CHEMICALS AS	2 500 000	2,88 %
CAMACA AS	2 000 000	2,31 %
TVENGE	2 000 000	2,31 %
NORDNET LIVSFORSIKRING AS	1 830 185	2,11 %
ARVO INVEST AS	1 650 398	1,90 %
CACEIS Bank Spain SA	1 605 000	1,85 %
CIPRIANO AS	1 500 000	1,73 %
Masira Inversion SIL	1 438 224	1,66 %
HOLDINGS AS A	369 494 1	1,58 %
GLAAMENE INDUSTRIER AS	1 270 790	% 1,47
SONGA CAPITAL AS	1 269 131	% 1,46
HØGSET HOLDING AS	1 200 000	% 1,38
MELESIO INVEST AS	1 030 591	1,19 %
PORTIA AS	1 000 000	1,15 %
TTC INVEST AS	1 000 000	1,15 %
THABO ENERGY AS	1 000 000	1,15 %
A/S J.J.UGLAND HOLDING	970 000	1,12 %
CLEARSTREAM BANKING S.A.	917 345	1,06 %
Bank CACEIS	906 429	1,05 %
HUSHOVD	887 311	1,02 %
Total	57 374 131	66,2 %
(interest %) Others < 1	29 322 536	33,8 %
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.