Deep Value Driller (DVD) Q4 2025 earnings summary

Executive summary

• Drillship commenced a bareboat charter with Saipem in November 2023, later amended and extended through July 2026, with a purchase option for the charterer at $300 million plus remaining hire for the initial period.

• The rig achieved 98.1% operational performance in 2025 and transitioned from Ghana to Indonesia for a new contract starting January 2026.

• Dividends distributed in 2025 totaled 2.65 NOK per share.

Financial highlights

• Q4 2025 total income was $11.6 million, down from $15.4 million in Q4 2024; YTD 2025 total income was $55.7 million, down from $58.4 million YTD 2024.

• Q4 2025 net profit was $3.6 million, compared to $5.7 million in Q4 2024; YTD 2025 net profit was $23.9 million, slightly up from $23.2 million YTD 2024.

• Cash and cash equivalents at year-end 2025 were $14.5 million, up from $12.4 million at year-end 2024.

• Net cash flow from operating activities in 2025 was $40.9 million, up from $16.5 million in 2024.

• Dividends and share premium distributions in 2025 totaled over $24 million.

Outlook and guidance

• Revenue backlog for the initial period of the amended charter is estimated at $54–55 million, with potential for further extension and purchase by the charterer.

• The charterer has an option to extend the contract and purchase the drillship through December 2026.