23 February 2023: Deep Value Driller AS (the "Company" and together with its
subsidiaries, the "Group") is pleased to announce the entry into and
effectiveness of a bareboat charter (the "Contract") for the 7th generation
mobile offshore drilling vessel "Deep Value Driller" (the "Drillship") between
the Company's subsidiary, Deep Value Driller Ltd. ("DVD Ltd."), and Saipem (the
"Charterer"), an energy service group currently active in the drilling segment
in West Africa, Mediterranean, US Gulf, Middle East and Norway. 

The Contract covers an estimated firm period of approximately 3 years. The
Contract may be extended by up to approximately a further one year period. The
Contract adds approximately USD 160 million of firm revenue backlog to the Group
(excluding the rate payable for any optional extensions of the Contract).

The Group has commenced reactivation activities for the Drillship which are
expected to be completed during the summer of 2023 upon which the Drillship will
be delivered to the Charterer under the Contract.

To fund the reactivation activities for the Drillship, refinancing of the
Company's existing credit facility and general corporate purposes, DVD Ltd. has
entered into a USD 75 million senior secured term loan facility agreement (the
"Loan Facility") with a reputable private lender and Nordic Trustee AS as
facility and security agent. The Loan Facility will mature three years from the
date of the Loan Facility with a balloon payment of approx. USD 50 million after
equal monthly amortizations in the period from 18 months after the date of the
Loan Facility until maturity. The Loan Facility will be secured by a first
priority security interest in the Drillship and the assets held by the Group.
The Loan Facility carries an interest rate of 9.75% p.a. and have an original
issue discount of 3.875% and includes customary covenants for a loan facility of
this size and nature.

Svend Anton Maier, CEO of the Company, commented: "We are very pleased to enter
into a contract with Saipem, a reputable operator in the ultra-deep water
segment. The Deep Value Driller is one of the newest and most modern drill-ships
in the world, and we expect the vessel to be one of the key contributors to
Saipem for their drilling campaigns in the years to come".  

SpareBank 1 Markets AS has acted as financial advisor and Wikborg Rein
Advokatfirma AS has acted as legal counsel to the Company and the Group.

Contacts

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

Einar J. Greve, Chairman of the Board
+47 90 02 77 66 
ejg@cipriano.no

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.

Disclosure regulation

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 on 23 February 2023 at 23:27
CET.