Fjord Defence Group ASA

Regulatory Filings • May 10, 2023

Carbon Transition announces Q1 2023 results and changes name to Aquila Holdings

Carbon Transition announces Q1 2023 results and changes name to Aquila Holdings

Oslo, 10 May 2023

ANNOUNCES NEW NAME - AQUILA HOLDINGS

• The company announces its new name, Aquila Holdings, following its change of strategy

• The company will hold its Annual General Meeting on 24 May 2023, where the board of directors has proposed to change the company name accordingly

EVENTS DURING THE QUARTER

• Fair value of multi-client library USD 35.9 million

• Fair value of investment portfolio USD 7.6 million

o Net gain of USD 0.8 million

• Revenue from reprocessing Utsira represented USD 2.4 million and from multi-client late sales Utsira USD 0.5 million

• Available liquid funds of USD 13.0 million*

• Cash earnings USD 0.3 million for the quarter

• Net asset value NOK 2.15 per share

* Bank deposits, trade receivable and marketable securities

A corresponding investor presentation will be held today at 08:30 CET (Norwegian time) in the office premises at Askekroken 11, 0277 Oslo. The presentation is open to the public.

A pre-recorded presentation of the results featuring Interim CEO and CFO, Nils Haugestad, is available at www.carbn.no.

The first quarter 2023 report and presentation will be available at Carbon Transition ASA (www.carbn.no) and Oslo Stock Exchange (www.newsweb.com).

For further information, please contact:

Nils Haugestad

Interim CEO & CFO

nils.haugestad@carbn.no

+47 977 04 439

About Carbon Transition

Carbon Transition ASA ("CARBN") is an investment company listed on Euronext Expand. CARBN comprises an OBN multi-client company and an investment arm. The company may invest broadly in listed companies as well as companies expected to be listed in the near term.

More information on www.carbn.no