Fjord Defence Group ASA

Earnings Release • Aug 19, 2020

AGS announces second quarter 2020 results

AGS announces second quarter 2020 results

Lysaker, 19 August 2020

HIGHLIGHTS Q2 2020

• AGS completed OBN survey in the Middle East and commenced related streamer operation

• We started North Sea contract for Equinor and received survey extension

• New CFO was appointed

SUBSEQUENT EVENTS

• Appointment of new CEO

• Closed the restructuring with converting USD 34.2 million from accounts payable to interest bearing debt

• Successfully finalized surveys in the Middle East as well as the North Sea

• Initiated smart-stack cost-reduction plans in accordance with communicated business strategy

CEO STATEMENT

“Q2 has displayed challenges and limitations following the ongoing COVID-19 pandemic, nevertheless AGS delivered efficient and safe operational performance such as the projects in Egypt and Norway. These operations have demonstrated agility and professionalism, and I am inspired to lead this organization going forward.

We are currently bidding on OBN projects scheduled for start in the second half of 2020. In parallel with pursuing these opportunities, we will implement our “smart- stack” strategy in line with the Company’s asset-light and cost-flexible business model, and we will remain focused and disciplined heading into the autumn and winter months.”, says Ronny Bøhn, CEO of Axxis Geo Solutions.

A pre-recorded presentation of the Q2 2020 results by CEO Ronny Bøhn and CFO Nils Haugestad can be found at https://www.axxisgeo.com/investor/quarterly-results or at this web address: https://vimeo.com/448940132/75b97b552a.

The second quarter 2020 report and presentation 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

Nils Haugestad, CFO

Nils.Haugestad@axxisgeo.com

+47 977 04 439

About AGS

Axxis Geo Solutions (AGS) is a pure-play ocean bottom node seismic company uniquely positioned to pursue both contract and multi-client seismic. AGS 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.

AGS is listed on Oslo Axess and traded under the ticker AGS.

More information on www.axxisgeo.com