Fjord Defence Group ASA

Share Issue/Capital Change • Aug 9, 2021

Carbon Transition ASA – New share capital registered

Carbon Transition ASA – New share capital registered

Lysaker, 9 August 2021

Reference is made to the stock exchange announcement by Carbon Transition ASA (the "Company") on 6 August 2021 regarding the approval of inter alia a private placement of new shares resolved in connection with the reverse share split in the Company.

The share capital increase pertaining to the private placement has now been registered in the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). The Company's new share capital is NOK 212,822,050, divided into 212,822,050 shares, each with a nominal value of NOK 1. The new shares issued in connection with the private placement will be listed and tradable on Euronext Expand today.

Contacts

Bjørn Gisle Grønlie, Chairman

gisle.gronlie@gmail.com

+ 47 917 51 194

Ronny Bøhn, CEO

Ronny.Bohn@axxisgeo.com

+47 905 58 517

Nils Haugestad, CFO

Nils.Haugestad@axxisgeo.com

+47 977 04 439

About Carbon Transition ASA

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.