Fjord Defence Group ASA

Share Issue/Capital Change • Dec 21, 2022

Carbon Transition announces significant additional prefunding for the reprocessing of the Utsira OBN survey

Carbon Transition announces significant additional prefunding for the reprocessing of the Utsira OBN survey

Oslo, 21 December 2022

Carbon Transition (under its subsidiary Axxis Multi Client) is pleased to announce that it has entered into an agreement with a major oil company for significant additional prefunding for the Utsira OBN reprocessing project announced 13 December 2022. This is a further indication of the strong interest in this prolific North Sea acreage.

The reprocessed Utsira data set will expand the company’s existing offerings and is expected to add an estimated NOK 0.25 – 0.30 per share in additional value to Carbon Transition’s multi-client library. The reprocessing will be realized with significant pre-funding from the leading actors in the area and will not limit the sale of licenses from our existing data library.

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.

Following the reprocessing agreement with CGG, we will deliver a product that will significantly improve the imaging of the Utsira area. The project will enhance the interest in and the value of the underlying data. Additionally, we are creating a new product in our product catalogue which will be of substantial value to our clients.

Former Lundin Norway CEO and board member of Carbon Transition, Torstein Sannes, comments; “this type of continuous geophysical work and reprocessing is what made Lundin able to identify the Johan Sverdrup and Edvard Grieg reservoirs. It is reasonable to expect the Utsira area to contain considerable undiscovered resources, and the addition of new and improved advanced geophysical processing is a critical step in optimizing oil recovery in the area.”

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.