Fjord Defence Group ASA

Earnings Release • May 27, 2020

AGS announces first quarter 2020 results

AGS announces first quarter 2020 results

Lysaker, 27 May 2020

HIGHLIGHTS Q1 2020

• In production on the OBN survey in the Middle East

• Completed the Brazil source operation campaign with Neptune Naiad

• Delivery of milestone Northern Utsira OBN project data in the North Sea

• Received LOI from Equinor for a North Sea contract in February, signed final agreement in May 2020

SUBSEQUENT EVENTS

• Completed OBN survey in the Middle East

• Appointments of new CFO and CCO

• Received LOI for extension in the North Sea for Equinor

CEO STATEMENT

“As we entered 2020, we were faced with a global pandemic and low oil price in part driven by OPEC but amplified due to the reduced need for oil and gas caused by the pandemic. Our people and their safety is our top priority. It is a credit to our dedicated team of professionals that our operations during Q1 were uninterrupted while dealing with daily changes due to the pandemic.

We have seen projects being delayed rather than cancelled, and we believe we are well positioned for growth as the market returns. Our focus is on operational excellence and to address areas which already have known hydrocarbon potential rather than pure exploration areas which are hit hardest during times of capital conservation.

Due to strong operational performance by our dedicated crews despite a difficult environment, we report our highest revenue quarter with strong margins. We look forward to navigate through the remainder of 2020 and to position ourselves to take advantage of the market in 2021” says Lee Parker, CEO of Axxis Geo Solutions.

A pre-recorded presentation of the Q1 2020 results by CEO Lee Parker and CFO Nils Haugestad can be found at https://www.axxisgeo.com/investor/quarterly-results or at this web address: https://vimeo.com/422874132/180bcba02b

The first 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

Lee Parker, CEO

Lee.parker@axxisgeo.com

+1 832 275 7258

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