Oslo, 7 March 2025: Deep Value Driller AS (the "Company" and together with its
subsidiaries, the "Group") is pleased to announce the entry into an option
agreement (the "Option Agreement") with Saipem (the "Charterer") where the
Charterer has been granted an option (the "Option") until 14 April 2025 (the
"Option Deadline")  to enter into an amended bareboat charter (the "Amended
Bareboat Charter") for the Group's 7th generation mobile offshore drilling
vessel "Deep Value Driller" (the "Drillship"). 

If the Option is exercised, the period under the current bareboat charter will
be considered completed on 1 July 2025 (the "Completion Date") and the Amended
Bareboat Charter will cover a period of 365 days (the "Initial Period") from the
Completion Date, with an option for the Charterer within the first 6 months of
the Initial Period to extend the Initial Period with an additional 365 days (the
"Second Period"). The Amended Bareboat Charter, if entered into, will for the
Initial Period add in the range of USD 50 million in revenue backlog to the
Group, assuming no idle period for the Drillship or other periods where reduced
rates may apply as per the Amended Bareboat Charter. If the Option is not
exercised by the Charterer within the Option Deadline, the Charterer will make a
one-time payment to the Group of USD 10 million in cash. 

Upon exercise of the Option to enter into the Amended Bareboat Charter, the
Charterer is further granted an option (the "Purchase Option") to purchase the
Drillship (the "Potential Transaction"). The Purchase Option may be exercised
during the first 180 days of the Initial Period, or if the option to extend the
Amended Bareboat Charter is exercised, alternatively during the first 180 days
of the Second Period. The purchase price in the Potential Transaction will be
USD 300 million, plus payment of the remaining hire for the Initial Period (if
any). 

* * *

Contacts:
Svend Anton Maier, CEO
+47 41 42 71 29 
sam@deepvaluedriller.no

Einar J. Greve, Chairman of the Board 
+41 79 644 77 66 
ejg@cipriano.no 

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The information was
submitted for publication by CEO Svend Anton Maier at the date and time set out
herein, on behalf of the Company.

About Deep Value Driller

Deep Value Driller AS is a drillship-owning company which owns the high
specification UDW 7th generation drillship "Deep Value Driller", built in 2014.
As part of its strategy, the company has an ambition to create and maximise
value for its customers and investors, while at the same time ensuring safe and
sustainable operation of its drillship. For further information, visit
www.deepvaluedriller.no.

Forward Looking Statements
All statements in this press release other than statements of historical fact
are forward-looking statements, which are subject to a number of risks,
uncertainties and assumptions that are difficult to predict and are based upon
assumptions as to future events that may not prove accurate. Actual results may
differ materially from those expected or projected in the forward-looking
statements. The Company undertakes no responsibility or obligation to update or
alter forward-looking statements for any reason.