Fjord Defence Group ASA

Legal Proceedings Report • May 3, 2021

Axxis Geo Solutions ASA – Court Decision to confirm reconstruction proposal

Axxis Geo Solutions ASA – Court Decision to confirm reconstruction proposal

Lysaker, 3 May 2021

Reference is made to the stock exchange announcement by Axxis Geo Solutions ASA ("Axxis" or the "Company") on 29 April 2021 concerning the approval by the required majority of Axxis' creditors of the reconstruction proposal. The District Court of Asker and Bærum has today decided to confirm the reconstruction proposal. The decision by the District Court of Asker and Bærum is subject to an appeal period, which expires 3 June 2021, and will become legally binding thereafter (subject to no appeals made).

For further information, please contact:

Nina Skage, member of the Board of Directors,

nina@vestcorp.no,

+47 915 38 890

Ronny Bøhn, CEO,

ronny.bohn@axxisgeo.com

+47 905 58 517

Nils Haugestad, CFO,

nils.haugestad@axxisgeo.com

+47 977 04 439

About Axxis

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.