Fjord Defence Group ASA

Share Issue/Capital Change • Jun 14, 2021

Axxis Geo Solutions ASA – New share capital registered

Axxis Geo Solutions ASA – New share capital registered

Lysaker, 14 June 2021

Reference is made to the stock exchange announcement of Axxis Geo Solutions ASA (the "Company") dated 30 April 2021 regarding completed private placement raising NOK 144.5 million in gross proceeds to the Company through the allocation of the 1,445 million new shares at a price of NOK 0.10 per new share. Furthermore, reference is made to the stock exchange announcement dated 21 May 2021 regarding the approval of conversion of debt at a price of NOK 0.50 per share, with a total subscription price of NOK 212,199,729, and finally to the stock exchange announcement dated 4 June 2021 regarding the reconstruction proposal being legally binding.

The share capital increases pertaining to the private placement and the debt conversion have now been registered in the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). The Company's new share capital is NOK 192,822,047.60, divided into 1,928,220,476 shares, each with a nominal value of NOK 0.10. The new shares issued are registered with the VPS under a separate ISIN number and will be transferred to the Company's ordinary ISIN pending publication of the prospectus.

Contacts

Ronny Bøhn, CEO

Ronny.Bohn@axxisgeo.com

+47 905 58 517

Nils Haugestad, CFO

Nils.Haugestad@axxisgeo.com

+47 977 04 439

About AGS

Axxis Geo Solutions (Axxis) is a pure-play ocean bottom node seismic company uniquely positioned to pursue both contract and multi-client seismic. Axxis specializes on delivering tailored seismic solutions and flexible project management and execution to oil and gas companies world-wide. Its operations are based on a scalable asset-light setup through chartering of vessels and nodes to complete seismic surveys.

Axxis is listed on EURONEXT EXPAND OSLO and traded under the ticker Axxis.

More information on www.axxisgeo.com.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.