Deep Value Driller (DVD) Q1 2025 earnings summary

Executive summary

• Drillship "Deep Value Driller" operated under a bareboat charter with Saipem, supporting Eni Côte d'Ivoire Ltd. operations; option for an amended charter exercised, extending contract by 365 days from July 2025, with a further 365-day extension option and a $300M purchase option for the charterer.

• Q1 2025 distributions totaled 0.75 NOK per share, maintaining a policy of 0.25 NOK per share per month.

Financial highlights

• Q1 2025 total income was $15.1M, up from $14.4M in Q1 2024 year-over-year.

• Operating profit for Q1 2025 was $9.9M, compared to $8.5M in Q1 2024.

• EBITDA for Q1 2025 reached $14.2M, up from $12.4M year-over-year.

• Net profit for Q1 2025 was $6.5M, compared to $6.1M in Q1 2024.

• Cash and cash equivalents at quarter-end were $17.8M, up from $12.4M at year-end 2024.

Outlook and guidance

• Amended bareboat charter adds $54–55M in revenue backlog for the initial 365-day period starting July 2025, with potential for further extension.

• Continued monthly cash distribution of 0.25 NOK per share planned.