Fjord Defence Group ASA

Earnings Release • May 11, 2022

Carbon Transition announces Q1 2022 results

Carbon Transition announces Q1 2022 results

Oslo, 11 May 2022

EVENTS DURING THE QUARTER

• Revenues from multi-client late sales of USD 1.4 million

• Net decrease in fair value of investments of USD 1.3 million

• Gain on reversal of impairment for Utsira multi-client survey USD 5.6 million

• Net gain on sale of seismic node business USD 0.7 million

• Operating profit USD 4.1 million

• Financial indebtedness fully repaid

• Right sized cost structure; highly cost-efficient operation

• Net asset value NOK 1.86

A corresponding investor presentation will be held today at 08:30 CET (Norwegian time) in the office premises at Askekroken 11, 0277 Oslo. The presentation is open to the public.

A pre-recorded presentation of the results featuring Interim CEO and CFO, Nils Haugestad, is available at www.carbn.no.

The first quarter 2022 report and presentation is available at Carbon Transition’s web page (www.carbn.no) and Oslo Stock Exchange (www.newsweb.com).

For further information, please contact

Nils Haugestad, Interim CEO and 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 the "energy transition" space. CARBN has a legacy seismic business operating under the name Axxis Geo Solutions, with a multi-client seismic 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.