Fjord Defence Group ASA

Share Issue/Capital Change • Jul 12, 2021

Carbon Transition ASA – (Axxis Geo Solutions ASA) – Final results of the Subsequent Offering

Carbon Transition ASA – (Axxis Geo Solutions ASA) – Final results of the Subsequent Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Lysaker, 12 July 2021

Reference is made to the stock exchange announcements by Carbon Transition ASA (in the process of changing the company name from Axxis Geo Solutions ASA) (the "Company") on 16 June 2021 and 23 June 2021 regarding the approval and publication of a prospectus and commencement of the subscription period in the repair offering of up to 200,000,000 new shares of the Company (the "Offer Shares") at a subscription price of NOK 0.10 per Offer Share (the "Subsequent Offering"). Reference is further made to the stock exchange announcement by the Company on 7 July 2021 regarding approval and publication of a supplemental prospectus (the "Supplemental Prospectus").

The subscription period for the Subsequent Offering expired on 8 July 2021 at 16:30 (CEST), and the deadline for withdrawing subscriptions made prior to publication of the Supplemental Prospectus expired on 9 July 2021. The final number of subscriptions received by the Company in the Subsequent Offering is 449,407,969. A total of 200,000,000 Offer Shares will be allocated in accordance with the allocation criteria set out in the Prospectus, raising gross proceeds of NOK 20,000,000.

Notifications of allocated Offer Shares and the corresponding subscription amount to be paid by each subscriber in the Subsequent Offering will be distributed on 12 July 2021.

Subject to timely payment of the entire subscription amount in the Subsequent Offering, the share capital increase pertaining to the Subsequent Offering is expected to be registered with the Norwegian Register of Business Enterprises on or about 19 July 2021 and the Offer Shares are expected to be delivered to the VPS accounts of the subscribers to whom they are allocated on or about 19 July 2021.

ABG Sundal Collier ASA and Sparebank 1 Markets AS are acting as managers and joint bookrunners in the Subsequent Offering (the "Managers").

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

Important information:

This announcement is not an offer to sell or a solicitation of an offer to purchase or subscribe for shares in the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. In particular, this announcement is not for publication or distribution in, directly or indirectly, Australia, Canada, Japan or the United States.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering or their securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

Neither the Managers nor any of their respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement and any materials distributed in connection with this announcement may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Managers nor any of their affiliates accepts any liability arising from the use of this announcement.

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