Deep Value Driller AS – Exercise of option by Saipem to amend bareboat charter

14 Apr 2025 15:40 CEST

Oslo, 14 April 2025: Reference is made to the stock exchange announcement made
by Deep Value Driller AS (the "Company") on 7 March 2025 regarding the entry
into of an option agreement (the "Option Agreement") with Saipem (the
"Charterer") whereby the Charterer was granted an option until 14 April 2025
(the "Option") to enter into an amended bareboat charter (the "Amended Bareboat
Charter") for the group's 7th generation mobile offshore drilling vessel "Deep
Value Driller" (the "Drillship").

The Company is pleased to announce that the Option has been exercised by the
Charterer, after which the Amended Bareboat Charter has been entered into
between the Charterer and the Company's wholly-owned subsidiary Deep Value
Driller Ltd. The Amended Bareboat Charter will cover a period of 365 days from 1
July 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
Bareboat Charter 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.

Following the exercise of the Option, the Charterer has further been granted an
option to purchase the Drillship. For more information, please see the Company's
announcement of 7 March 2025.

* * *

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

Einar J. Greve, Chairman of the Board
+41 79 644 77 66
ejg@cipriano.no

This information is subject to the disclosure requirements pursuant to 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.

Forward looking statements

All statements in this press release other than statements of historical fact
are forward-looking statements, which are subject to a number of risks,
uncertainties and assumptions that are difficult to predict and are based upon
assumptions as to future events that may not prove accurate. Actual results may
differ materially from those expected or projected in the forward-looking
statements. The Company undertakes no responsibility or obligation to update or
alter forward-looking statements for any reason.

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