Deep Value Driller (DVD) Q2 2026 earnings summary

Executive summary

• Drillship operated under a bareboat charter with Saipem, amended and extended through July 2026, with further extension options exercised.

• Signed SPA to sell the Drillship for $300m, with $70m received upfront and $230m due upon delivery in September 2026.

• Dividends distributed in H1 2026 totaled 1.05 NOK per share.

Financial highlights

• H1 2026 total income: $30.37m, down from $36.58m year-over-year.

• Operating profit H1 2026: $14.70m, down from $20.04m year-over-year.

• Net profit H1 2026: $8.85m, down from $14.45m year-over-year.

• Cash and cash equivalents at June 30, 2026: $84.7m, up from $14.5m at year-end 2025, mainly due to the $70m prepayment for the drillship sale.

• Total assets increased to $173.4m from $112.3m at year-end 2025.

Outlook and guidance

• Drillship redelivery to occur in Malaysia around August 17/18, 2026, with final sale to Eldorado Drilling AS expected mid-September 2026.

• Further updates on distribution of sale proceeds to shareholders will be provided.