Deep Value Driller AS – Dividend of NOK 1.50 per share declared and operational update

24 Jun 2024 16:56 CEST

Oslo, 24 June 2024: Reference is made to the stock exchange notice by Deep Value
Driller AS ("DVD" or the "Company") on 26 March 2024 where DVD announced its
dividend distribution policy, and to the board authorisation granted by DVD's
annual general meeting on 14 May 2024 to resolve and distribute dividends in
line with the Company's dividend policy based on the annual accounts for 2023.

DIVIDEND DISTRIBUTION OF NOK 1.50 PER SHARE

As set out in the Company's stock exchange notice of 26 March 2024, the board of
directors of DVD is focused on providing DVD's shareholders with a competitive
combined return on their investment through the DVD share price and, when the
Company's position so allows, dividends to its shareholders. DVD's dividend
distribution policy is therefore to pay dividends from the group's operational
free cash flow, after tax and debt service, to DVD's shareholders on a quarterly
basis, provided however that the timing and amount of dividends, if any, are at
the discretion of the board. 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. For more information about the
Company's dividend policy, please refer to the stock exchange notice of 26 March
2024.

DVD's board of directors has today resolved to distribute a dividend in the
amount of NOK 1.50 per share, in total approximately NOK 130 million. The
dividend is expected to be paid on or about 1 July 2024 and will be regarded as
repayment of paid in capital by the shareholders of DVD. DVD notes that pursuant
to the Company's loan facility, as amended 26 March 2024, the Company is
required to retain an amount equal to 12 months of interest payments which is
not available for distribution.

OPERATIONAL UPDATE

The group's 7th generation mobile offshore drilling vessel "Deep Value Driller"
(Gusto MSC P design) continues to show its excellent operational capabilities to
execute dual activity drilling in a challenging environment and successfully
operates under the drilling contract with Eni Côte d’Ivoire Ltd. For May 2024,
the drillship has operated at 99% operational efficiency.

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Contacts:
Svend Anton Maier, CEO
+47 41 42 71 29
sam@deepvaluedriller.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
http://www.deepvaluedriller.no.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act and the Euronext Growth Rule Book
part II.

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