Fjord Defence Group ASA

Regulatory Filings • Dec 13, 2022

Carbon Transition enters into Utsira OBN multi-client reprocessing agreement with CGG

Carbon Transition enters into Utsira OBN multi-client reprocessing agreement with CGG

Oslo, 13 December 2022

Carbon Transition (under its subsidiary Axxis Multi Client) today announces an agreement with CGG to reprocess the Utsira ocean bottom node (OBN) seismic survey in the Norwegian North Sea. The reprocessing project has significant industry support and leverages strong demand for high-definition seismic imaging in this highly prospective area.

“We are excited about developing the next generation ocean bottom node data in this mature and prolific petroleum basin. Together with CGG, as the leading technology provider in OBN processing, we will deliver a product that will significantly improve imaging of the area. We are confident that this new product will maximize our clients’ prospects for making new discoveries as well as optimizing existing production,” says Nils Haugestad, interim CEO of Carbon Transition.

CGG will reprocess the Utsira survey, which is the largest ultra-high resolution OBN survey conducted in the North Sea and covers approximately 2,000 square kilometers. The reprocessing will apply CGG’s latest advances in OBN processing and imaging technology, including time-lag full-waveform inversion technology. This will significantly improve the velocity model, overall image resolution and frequency content for fault interpretation and reservoir characterization workflows. The reprocessed product will substantially advance the Utsira OBN survey and better assist clients with existing petroleum production and reservoir management. Scheduled to start in December 2022, the project will deliver a priority area in the third quarter of 2023 and final data for the complete survey in 2024.

“The agreement recognizes CGG’s ability to provide superior OBN imaging results. This was recently demonstrated by the significant uplift in quality that we achieved on a proprietary reprocessing of a sub-set of the Utsira Survey. The result was so well received that the clients decided to commit to reprocessing of the complete survey. We are delighted to partner with Carbon Transition to expand our multi-client footprint and deliver a dataset that will be of significant value for production, development, and further near-field exploration in a prolific area of the North Sea,” says Dechun Lin, EVP, Earth Data, CGG.

The Utsira area holds several significant oil and gas fields, including Edvard Grieg, Ivar Aasen, Balder, Gina Krog, Gudrun and Johan Sverdrup, along with a number of undeveloped discoveries and prospects.

For further information, please contact:

Nils Haugestad, interim CEO and CFO

nils.haugestad@carbn.no

+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.

About CGG | www.cgg.com

CGG is a global technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,300 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).

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