Fjord Defence Group ASA

Regulatory Filings • Feb 29, 2024

Aquila extends collaboration with TGS on the Utsira MC library

Aquila extends collaboration with TGS on the Utsira MC library

Oslo, 29 February 2024

Aquila (through its subsidiary Axxis Multi Client) is pleased to announce its extended collaboration with TGS for the Utsira multi-client library. Axxis and TGS entered into a 50/50 JV on the original Utsira multi-client data set in 2018 and have since then jointly owned and marketed these multi-client data.

In 2022, Axxis entered into an agreement to reprocess the Utsira data in collaboration with CGG. In 2021, TGS developed, together with Earth Science Analytics, its own artificial intelligence (AI/ML) geological interpretation project over Utsira.

Both TGS and Axxis recognize the benefits of joining forces on these projects as it will facilitate a more optimal sales effort. The parties have therefore reached an agreement whereby TGS will take an ownership position in the CGG reprocessing and Axxis will take an ownership stake in the AI/ML project.

Nils Haugestad, interim CEO of Aquila comments: “We are happy to extend our relationship with TGS through this transaction and look forward to a continued and strengthened partnership with them on the highly attractive Utsira project.”

The transactions will not have an impact on Aquila’s book value or its net asset value per share.