Deep Value Driller (DVD) Q3 2025 earnings summary

Executive summary

• Signed amended bareboat charter with Saipem for 365 days from July 2025, with an option for an additional 365 days and a purchase option for the drillship at $300 million.

• Drillship left Ghana in October for a contract in Indonesia, with a stopover in Malaysia for upgrades at charterer's expense.

• Total year-to-date distribution to shareholders is 2.15 NOK per share, with continued commitment to distribute excess cash.

Financial highlights

• Q3 2025 total income was $14.42 million, compared to $44.17 million year-to-date 2025.

• Q3 2025 operating profit was $8.66 million; year-to-date operating profit reached $28.70 million.

• Net profit for Q3 2025 was $5.83 million, with year-to-date net profit at $20.28 million.

• Cash and cash equivalents at the end of Q3 2025 were $14.91 million.

Outlook and guidance

• Amended bareboat charter expected to add $54-55 million in revenue backlog for the initial period, assuming no idle time.

• Charterer has an option to extend the contract and to purchase the drillship, with decisions required by December 2025.