Deep Value Driller AS

Share Issue/Capital Change • Sep 9, 2022

Deep Value Driller AS – Exercise of warrants

Deep Value Driller AS – Exercise of warrants

9 September 2022: The board of directors of Deep Value Driller AS (the "Company") has received a notice of exercise of 396,667 warrants by former board member Espen Westeren, each warrant giving a right to one share. The exercise price for each of warrant is NOK 8.50 per share. Following the exercise, Mr. Westeren holds no outstanding warrants in the Company.

Pursuant to the warrant exercise, the Company's share capital will be increased by NOK 39,666.10 through the issuance of 396,667 new shares, each with a par value of NOK 0.10. Upon registration of the share capital increase, the Company's share capital will NOK 8,669,666.70 divided into 86,696,667 shares, each with a face value of NOK 0.10. The share capital increase will be filed with the Norwegian Registry of Business Enterprises as soon as possible.

This information is subject to the disclosure requirements in section 5-12 of the Norwegian Securities Trading Act.

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. The company's strategy is to secure contracts for its drillship with top-tier drilling contractors worldwide. 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.