Deep Value Driller (DVD) Q2 2024 earnings summary

Executive summary

• Drillship "Deep Value Driller" commenced operations in Ivory Coast under an 11-well contract with Saipem, generating estimated firm revenue of $160 million, with high technical utilization at 98%.

• All excess cash will continue to be distributed to shareholders.

Financial highlights

• H1 2024 total income reached $28.6 million, with operating profit of $17.4 million and net profit of $11.3 million, a significant turnaround from a $12.8 million loss in H1 2023.

• EBITDA for H1 2024 was $25.3 million, compared to negative $7.8 million in H1 2023.

• Cash and cash equivalents increased to $25.3 million at June 30, 2024, up from $8.1 million at March 31, 2024.

Outlook and guidance

• The company plans to maintain high rig utilization and continue distributing excess cash to shareholders.