Deep Value Driller AS

Quarterly Report • Oct 31, 2025

Deep Value Driller AS Q3 2025

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 bareboat charter term was originally for 11 wells firm with 6 wells options. Deep Value Driller commenced operation on full day rate 1 November2023.

14 April 2025 the company signed an amended bareboat charter with Saipem which covers a period of 365 days from 1July 2025 (the "Initial Period"), 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"). For the Initial Period, the amended BBC will add in the range of USD 54-55 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.

In addition Saipem has an option to purchase the Drillship for 300 mill USD. For more information, please see the Company's announcement of 7 March 2025. Each of the options must be exercised within 31 December 2025.

The rig left Ghana 6 October for a 105 day (+ one optional well est. 90 days) contract in Indonesia, with an estimated commencement early December 2025. The rig will have a stopover in Malaysia for an ugrade at charterers expense to prepare for the contract in Indonesia. Daily rates will be reduced to 75 k for 30 days when leaving Ghana, and return to operational rate thereafter.

Total distribution YTD has been 2,15 NOK per share. Determination to distribute excess cash is unchanged.

Financial statement Q3 2025

Consolidated Profit (P&L) Interim and Loss Statement
Unaudited Amounts in USD
and Operating income operating expenses	Note	Q3 - 2025	Q3 - 2024	YTD 2025	YTD 2024
Daily rate		13 800 000	13 800 000	40 950 000	41 100 000
Other income		-	624 434	3 221 355	1 886 553
Total Income		13 800 000	14 424 434	44 171 355	42 986 553
Operational cost		(798 831)	(1 534) 515	(2 272) 212	(4 305) 455
benefits Employee expenses		(144 186)	(51 469)	(320 276)	(195 192)
Depreciation and amortisation expenses	2	(4 128) 173	(4 847) 056	(12 104) 522	(12 780) 027
Other expenses		(27 068)	(68 576)	(417 546)	(223 452)
Total expenses		(5 213) 143	(5 427) 692	(15 198) 472	(16 729) 901
Operating profit (loss)		8 656 787	8 732 008	28 699 157	26 084 824
(loss) (EBITDA) Operating profit before depreciation		12 829 915	12 788 855	41 221 261	38 112 604
Financial and income expenses
Financial income		198 581	252 249	748 713	1 198 011
Financial expenses		(3 488) 002	(3 349) 163	(9 085) 700	(9 886) 763
financial items Net	3	(2 908) 803	(2 100) 911	(8 372) 951	(8 876) 565
profit (loss) before Net tax		852 880 5	820 908 5	19 785 747	518 948 17
for the period Income tax	6	(21 921)	(333 400)	529 227	(763 744)
(loss) Profit for the period		830 959 5	487 508 5	20 277 012	16 204 755
Transferred retained earnings to		5 830 959	5 487 508	20 277 012	16 755 204

Financial statement Q3 2025

Interim Consolidated statement	of Financial	Position
Amounts in USD		Unaudited	Audited
Assets	Note	30 September 2025	31 December 2024
Non-current assets
Intangible assets
patents, licences Concessions,	2	-	2 494
Total intangible assets		-	2 494
Property, plant and equipment
Ships	2	229 150 55	694 923 57
Reactivation project cost	2	40 214 444	50 268 055
and other movables Equipment	2	-	225
Total property, plant and equipment	2	95 443 594	107 963 203
financial Non-current assets
Total non-current financial assets		-	-
Total fixed assets		95 443 594	107 965 697
Current assets
Inventories		799 446	1 095 089
Debtors
Other short-term receivables		6 053 893	11 382 479
Total receivables		6 053 893	382 479 11
Cash and cash equivalents		14 914 403	12 405 583
Total current assets		21 767 742	24 883 150
Total assets		117 211 335	132 848 847

Interim Consolidated of Financial Position statement
Amounts in USD		Unaudited	Audited
Equity and liabilities	Note	30 September 2025	31 December 2024
Equity
Paid-in capital
Share capital	4,5	1 083 131	1 019 177
stock Treasury	4	(3 519)	(3 519)
Share premium reserve	4	16 166 134	33 699 834
Other paid-up equity	4	393 538	393 538
Total paid-up equity		17 639 285	35 109 031
Retained earnings
Other equity		3 519	3 519
Uncovered loss	4	(7 906 216)	(28 183 228)
Total retained earnings		(7 697) 902	(28 709) 179
Total equity		9 736 588	6 929 322
Liabilities
liabilities Long-term
Deferred tax liabilities	6	737 775	2 088 516
Liabilities to financial institutions	3	105 554 000	118 055 000
Total Long-term liabilities		106 291 775	120 143 516
Current liabilities
Payable tax	6	821 514	2 062 541
Trade payables		83 356	147 626
Other current liabilities		278 101	3 565 842
Total current liabilities		1 182 971	5 776 009
Total liabilities		107 474 747	125 919 525
Total equity and liabilities		117 211 335	132 848 847

Financial statement Q3 2025

flow Interim Consolidated Indirect cash
Unaudited in USD Amounts
NRS Indirect method	2025 YTD	2024 YTD
Amount in USD
Cash Flow from operating activities
Profit/Loss before tax	19 747 785	17 518 948
Ordinary depreciation	12 522 104	12 027 780
Changes in inventories	295 643	419 111
Changes other short-term receivable	5 328 585	(4 746) 979
Changes trade payable in	(64 270)	(15 600) 597
Changes in other accrual items	(5 282) 350	(9 639) 780
cash flows from operating activities Net	32 479 566	(392 146)
Cash flow from investment activities
Acquisition of tangible assets	-	(2 040) 835
cash flow from Net investment activities	-	(2 040) 835
flow from financing Cash activities
Proceeds from equity	1 119 195	-
Distribution of share premium	(18 941) 588	(36 463) 447
Debt financing	-	50 000 000
Loan repayment	(12 000) 501	(2 000) 778
cash flow from financing Net activities	(29 746) 970	10 774 537
change in cash and cash equivalents Net	2 508 820	7 547 351
Cash and cash equivalents the end of period at	14 914 403	19 478 607

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	and Fixtures	Rig	Reactivation project	Total
		fittings		costs
Acquisition 31 December 2024 at	8 835	8 031	68 663 387	66 560 551	135 240 804
Additions in 2025	-	-	-	-	-
Acquisition September 30 2025 cost at	8 835	8 031	68 663 387	66 560 551	135 240 804
Opening book value 2025	2 494	225	57 694 923	50 268 055	107 965 697
Depreciation & amortisation 2025	(2 494)	(225)	(2 774) 465	(10 611) 053	(12 104) 522
Accumulated depreciation & amortisation	(8 835)	(8 031)	(13 237) 434	(26 107) 346	(39 210) 797
Closing Book Value September 30 2025	-	-	55 229 150	40 214 444	95 443 594

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' equity Note 4:	Share capital	Stock Own	Share premium	Other paid-up	Other equity	Uncovered loss	Total
				equity
balance Opening 1 January 2025	1 019 177	(3 519)	33 699 834	393 538	3 519	(28 228) 183	6 929 322
Distribution of share premium	-	-	(18 941) 588	-	-	-	(18 941) 588
Exercise of warrants	63 954	-	1 055 241	-	-	-	1 119 195
Profit for the period	-	-	-	-	-	20 277 012	20 277 012
Closing balance September 30 2025	1 083 131	(3 519)	16 166 134	393 538	3 519	(7 216) 906	9 736 588

Shareholders above 1% as of 30 September 2025 Note 5:
Shareholders	Ordinary	Share of votes
UTHALDEN AS	10 663 299	11,40 %
SOLAN CAPITAL AS	9 433 333	10,09 %
Goldman Sachs & Co. LLC	3 468 244	3,71 %
AS ALDEN	3 234 369	3,46 %
CIPRIANO AS	3 092 931	3,31 %
HORTULAN AS	2 699 790	2,89 %
TVENGE	2 600 000	2,78 %
SCAN CHEMICALS AS	2 500 000	% 2,67
NORDNET LIVSFORSIKRING AS	2 348 267	2,51 %
CAMACA AS	2 175 000	2,33 %
BofA Securities, Inc.	1 801 877	1,93 %
ARVO INVEST AS	1 650 398	1,76 %
CACEIS Bank Spain SA	605 000 1	1,72 %
CLEARSTREAM BANKING S.A.	1 505 272	1,61 %
A HOLDINGS AS	1 369 494	1,46 %
SONGA CAPITAL AS	1 228 183	1,31 %
GLAAMENE INDUSTRIER AS	1 191 845	% 1,27
MELESIO INVEST AS	1 030 591	1,10 %
HUSHOVD	1 011 680	1,08 %
Bank Avanza AB	1 011 540	1,08 %
Nordnet Bank AB	1 009 956	1,08 %
TTC INVEST AS	000 000 1	1,07 %
HØGSET HOLDING AS	1 000 000	1,07 %
THABO ENERGY AS	1 000 000	1,07 %
A/S J.J.UGLAND HOLDING	970 000	1,04 %
Total	60 601 069	% 64,81
Others (interest < 1 %)	32 907 264	35,19 %
Total	93 508 333	100 %

Deep Value Driller AS owns 300 000 Treasury stocks at par value 0,1 NOK which amounts to 0,32% of the company's total stocks.

Note 6: Tax

The estimated tax expense in the financial statement relates only to Norwegian tax for the parent company.

Estimated tax expense Norway (YTD)

Payable tax	821 514
Changes in deferred tax	(1 740) 350
Total	(529 227)

The Maltese group companies will become liable for tax in Malta in 2025.

The tax liability amount will depend on the deductibility of incurred pre-trading costs under Maltese tax laws.

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.