Deep Value Driller (DVD) Q2 2025 earnings summary

Executive summary

• Drillship commenced full day rate operations in November 2023 under a bareboat charter with Saipem, supporting Eni Côte d'Ivoire Ltd. in Ivory Coast.

• Amended charter signed in April 2025 adds $54–55 million in revenue backlog for a 365-day period starting July 2025, with extension and purchase options.

• Exceptional operational performance and safety reported; H1 2025 distributions totaled 1.50 NOK per share.

Financial highlights

• H1 2025 total income reached $30.4 million, up from $28.6 million year-over-year.

• Net profit for H1 2025 was $14.4 million, compared to $11.3 million in H1 2024.

• EBITDA for H1 2025 was $28.4 million, up from $25.3 million year-over-year.

• Cash and cash equivalents at period end were $14.8 million, down from $25.3 million at end of H1 2024.

• Net cash flow from operating activities was $22.2 million, a significant improvement from negative $9.9 million in H1 2024.

Outlook and guidance

• Continued policy of distributing excess cash, with future amounts dependent on USD/NOK exchange rates.

• Charter extension and purchase options could further impact future revenue and cash flow.