Fjord Defence Group ASA

Environmental & Social Information • Aug 13, 2021

Carbon Transition ASA – AGS successfully completes ROV-deployed node survey

Carbon Transition ASA – AGS successfully completes ROV-deployed node survey

Lysaker, 13 August 2021

Carbon Transition’s business line Axxis Geo Solutions (AGS) has successfully completed the ROV-deployed ocean bottom node survey in the North Sea, which was announced 30 November 2020. The survey was completed on schedule and budget. Building on its previous operational experience using node on a rope technology, AGS successfully adapted to ROV deployment and recovery. The project crew mobilized from a smart-stack position in a very short period of time and will revert to a low-cost mode immediately following project completion.

Despite the start-up from a smart-stack position, the challenges of COVID-19 and associated logistical issues, the survey was completed on time and without incidents. The successful completion of this project confirms the viability of AGS’ project-based and asset-light approach.

Ronny Bøhn, CEO

Ronny.Bohn@axxisgeo.com

+47 905 58 517

Nils Haugestad, CFO

Nils.Haugestad@axxisgeo.com

+47 977 04 439

Carbon Transition ASA ("CT") is an investment company listed on EURONEXT EXPAND OSLO. CT has a focus towards investing in companies and technologies engaged in the "energy transition" area, which contribute to significant reductions of carbon emissions. CT may also invest more broadly in the "energy transition" space. CT has a legacy OBN seismic business operating under the name Axxis Geo Solutions, with both a node-technology seismic contract business, and a multiclient library. This business unit is categorized as an investment, and revenues generated from this business unit may be invested in the “energy transition” area. More information on www.axxisgeo.com

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