Fjord Defence Group ASA

Transaction in Own Shares • Jul 10, 2023

Aquila Holdings ASA share repurchase program 10 July 2023

Aquila Holdings ASA share repurchase program 10 July 2023

Oslo, 10 July 2023

Given Aquila Holding ASA (the Company) current cash position and expected continued multi-client late sales, the Company is pleased to announce that we will commence a share repurchase program on Monday 10 July. The repurchase program is in accordance with the authorization granted by the annual general meeting on 23 May 2023. Buyback will be executed based on the market price on the Oslo Stock Exchange. The maximum consideration to be paid for shares acquired under the buyback program is NOK 1.50 per share and NOK 5 million in aggregate. The maximum number of shares the company will acquire is 8,712,855. The program will be terminated no later than 1 July 2024.

The company may at any time without further notice close or suspend the program. Shares purchased under the program will be used to reduce the number of outstanding shares and for the issuing of compensation shares. The maximum number of shares purchased in any one day is limited to 25% of the average weighted daily volume of Aquila Holdings shares traded in the 20 trading days preceding the day of purchase.

The share buy-back programme will be managed by Pareto Securities, which will make its trading decisions in relation to the shares independently of, and uninfluenced by the Company. This may result in the Company buying shares through periods where the company otherwise would have been restricted.

For further information, please contact:

Nils Haugestad, Interim CEO & CFO

nils.haugestad@aquilaholdings.no

+47 977 04 439

About Aquila Holdings

Aquila Holdings ASA ("AQUIL") is a Norwegian seismic multi-client and investment company listed on Euronext Expand. Aquila Holdings specializes in 3D ocean bottom node seismic multi-client data for near-field exploration. The company holds two key seismic multi-client assets, one in Norway and one in Egypt.

Aquila Holdings also has an investment arm, with focus on investments in listed companies as well as companies expected to be listed.

More information on www.aquilaholdings.no

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.