Deep Value Driller (DVD) Q1 2026 earnings summary

Executive summary

• Drillship entered a bareboat charter with Saipem in November 2023, later amended and extended through July 2026, with an option for further extension.

• Signed a sale and purchase agreement in February 2026 to sell the drillship for $300 million, with $70 million prepaid and $230 million due upon delivery in H2 2026.

• Distributed dividends of 0.45 NOK per share in Q1 2026.

Financial highlights

• Q1 2026 operating income was $12.4 million, with total income of $15.1 million, and operating profit of $7.5 million.

• Net profit for Q1 2026 was $4.5 million, compared to $6.5 million in Q1 2025.

• Cash and cash equivalents at March 31, 2026, were $85.4 million, up from $17.8 million at March 31, 2025.

• Total assets increased to $178.4 million from $112.3 million at year-end 2025.

Outlook and guidance

• Revenue backlog from the amended charter is expected to be $54–55 million for the initial period, with potential for extension.

• Delivery of the drillship to the buyer is anticipated in the second half of 2026.