Fjord Defence Group ASA

Regulatory Filings • Sep 22, 2022

Carbon Transition announces first Gulf of Suez multi-client late sale

Carbon Transition announces first Gulf of Suez multi-client late sale

Oslo, 22 September 2022

Carbon Transition is pleased to announce that the company has entered into its first multi-client late sales agreement in the Gulf of Suez in Egypt. The agreement represents revenues of USD 1.6 million (net to Carbon Transition) and will be recognized in the third quarter of 2022.

This late sale marks a major milestone for our multi-client business line. Processing of the Gulf of Suez survey was only recently completed and we are encouraged to see that the first sale materialized this quickly.

Carbon Transition specialize 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 with low cost, low environmental impact and low emissions. Carbon Transition's largest investment and asset on its balance sheet is a significant OBN multi-client library, with surveys in the Utsira area in the Norwegian North Sea and the Gulf of Suez in Egypt. The company expects to see significant sales from this library going forward.

For further information, please contact:

Nils Haugestad, Interim CEO and 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 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.

More information on www.carbn.no

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