Deep Value Driller AS – Exercise of warrants and mandatory notifications of trade

07 Mar 2025 08:45 CET

7 March 2025: The board of directors of Deep Value Driller AS ("DVD" or the
"Company") has received notice of exercise of 1,495,000 warrants by the chair of
the board Einar J. Greve, acting through Cipriano AS, and of 2,433,333 warrants
by board member Gunnar Hvammen, acting through Solan Capital AS. Each warrant
gives the right to one share in DVD.

The exercise price for each warrant is NOK 1.75 per share. The exercise price is
based on the original exercise price of NOK 8.50, as adjusted for the total
amounts of dividends paid by DVD to its shareholders in the period from the date
of issuance of the warrants in March 2021 to the date of exercise of the
warrants (in aggregate NOK 6.75 per share), in accordance with the terms of the
warrant agreements entered into with DVD.

Following the exercise of warrants, Mr. Greve and Mr. Hvammen, and their
respective closely associated companies, hold no outstanding warrants in DVD.

Pursuant to the warrant exercises, the Company's share capital will be increased
by NOK 392,833.30 through the issuance of 3,928,333 new shares, each with a par
value of NOK 0.10. Upon registration of the share capital increase, the
Company's share capital will be NOK 9,062,500 divided into 90,625,000 shares,
each with a par value of NOK 0.10. The share capital increase will be filed with
the Norwegian Registry of Business Enterprises as soon as possible.

Please see the attached forms for further details about the transactions.

This information is subject to the disclosure requirements in Regulation EU
596/2014 (MAR) article 19 number 3 and 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.
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.

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640697_E - 2025 03 06 DVD - Mandatory notification of trade forms (exercise of warrants)(22544701.3).pdf