Fjord Defence Group ASA

Earnings Release • Feb 24, 2021

Axxis announces fourth quarter 2020 results

Axxis announces fourth quarter 2020 results

Lysaker, 24 February 2021

CEO STATEMENT

“As the pandemic continued to severely impact our business during Q4, the Company focused its efforts primarily on multi-client sales and on the previously announced financial restructuring. Positive and constructive dialogues with creditors and potential investors were initiated and were still ongoing at the end of the quarter.

In January 2021, the Company received commitment from a group of financial investors to contribute additional equity financing, conditioned on the Company entering into a voluntary restructuring solution with its creditors. Only one creditor rejected the proposed restructuring offer. As a result, the Company filed for court protected reconstruction on 16 February 2021. The group of financial investors has subsequently expressed continued support to invest in the Company also as part of a reconstruction process.

In order to preserve liquidity, and in addition to the continuation of the Company’s previously announced smart-stack strategy, further cost reduction measures were implemented during the quarter.

The Company currently sees increased tendering activity and a more positive market outlook for 2021/2022,” says Ronny Bøhn, CEO of Axxis Geo Solutions.

The fourth quarter 2020 report is available at Axxis Geo Solutions ASA (www.axxisgeo.com) and Oslo Stock Exchange (www.newsweb.com).

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

Contacts

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 Oslo Axess and traded under the ticker Axxis.

More information on www.axxisgeo.com