Deep Value Driller (DVD) Q4 2024 earnings summary

Executive summary

• Drillship "Deep Value Driller" began full day rate operations on November 1, 2023, under a bareboat charter with Saipem for Ivory Coast drilling, achieving technical utilization above 98%.

• Exceptional operational and safety performance reported, with ongoing monthly cash distributions of 0.25 NOK per share.

Financial highlights

• Q4 2024 total income was USD 14.4 million, up from USD 11.1 million in Q4 2023; YTD 2024 income reached USD 57.4 million.

• Q4 2024 operating profit was USD 9.3 million, compared to USD 6.1 million in Q4 2023; YTD operating profit was USD 35.3 million.

• Net profit for Q4 2024 was USD 5.2 million, up from USD 3.3 million in Q4 2023; YTD net profit was USD 22.0 million.

• Cash flow from operating activities for YTD 2024 was USD 8.9 million; cash and cash equivalents at period end were USD 12.4 million.

Outlook and guidance

• Monthly dividend of 0.25 NOK per share to continue as excess cash is distributed.