Fjord Defence Group ASA

Share Issue/Capital Change • Jul 19, 2021

Carbon Transition ASA – (Axxis Geo Solutions ASA) – New share capital registered

Carbon Transition ASA – (Axxis Geo Solutions ASA) – New share capital registered

Lysaker, 19 July 2021

Reference is made to the stock exchange announcement by Carbon Transition ASA (in the process of changing the company name from Axxis Geo Solutions ASA) (the "Company") on 12 July 2021 regarding the final results of the subsequent offering carried out by the Company (the "Subsequent Offering").

The share capital increase pertaining to the Subsequent Offering has now been registered in the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). The Company's new share capital is NOK 212,822,047.60, divided into 2,128,220,476 shares, each with a nominal value of NOK 0.10. The new shares issued in connection with the Subsequent Offering 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 (in the process of changing the company name from Axxis Geo Solutions 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.