Fjord Defence Group ASA

Regulatory Filings • Jan 17, 2023

Carbon Transition announces Utsira multi-client late sale

Carbon Transition announces Utsira multi-client late sale

Oslo, 17 January 2022

Carbon Transition (through its fully owned subsidiary Axxis Multi Client AS) today announces a USD 0.5 million (net to Carbon Transition) multi-client seismic data licensing contract with a new customer. Under the contract, the customer will license Carbon Transition’s Utsira multi-client survey in Norway. The revenue will be recognized in the first quarter of 2023.

We are encouraged by the positive momentum in the multi-client market. A steady growth in the number of clients licensing the Utsira data increases the market for the reprocessed upgrade-product we announced 13 December 2022. The reprocessed data will be an additional product only available to customers who have already acquired the underlying data. We believe the quality of the reprocessed product will improve late sales from the original data set and will result in significant additional late sales from the reprocessed data.

For further information, please contact:

Nils Haugestad, interim CEO and CFO

email: nils.haugestad@carbn.no

tel: +47 977 04 439

About Carbon Transition | www.carbn.no

Carbon Transition ASA (CARBN) is an investment company listed on Euronext Expand. CARBN has a strategy to invest in companies and technologies which contribute to significant reductions of carbon emissions. The company may also invest more broadly in other industries in listed companies as well as companies expected to be listed in the near term. CARBN has a legacy seismic business operating under the name Axxis Geo Solutions, with a multi-client data library.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.