Deep Value Driller AS 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. 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.