Fjord Defence Group ASA

Regulatory Filings • Dec 22, 2022

Carbon Transition announces new Utsira multi-client late sale

Carbon Transition announces new Utsira multi-client late sale

Oslo, 22 December 2022

Carbon Transition is pleased to announce that the company has entered into a new USD 2.5 million (net to Carbon Transition) multi-client seismic data licensing contract with an existing customer. The agreement includes significant additional uplift revenues relating to set milestones. The uplifts will be recognized as late sales revenue when the milestones occur. Under the contract, the customer will license Carbon Transition’s Utsira multi-client survey in Norway.

Carbon Transition specializes in multi-client data for near-field exploration, where production infrastructure is in place and where E&P companies need high quality seismic data to unlock existing potential. In these areas, natural resources can be extracted at low cost and with low environmental impact and emissions.

The significant increase in oil and gas prices and the growing focus on energy security has solidified the expected value of Carbon Transition’s multi-client library.

For further information, please contact:

Nils Haugestad, Interim CEO & CFO

nils.haugestad@carbn.no

+47 977 04 439

About Carbon Transition ASA

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.