Fjord Defence Group ASA

Regulatory Filings • Mar 26, 2020

Axxis Geo Solutions receives cancellation on small contract

Axxis Geo Solutions receives cancellation on small contract

Lysaker, 26 March 2020.

Axxis Geo Solutions ASA (AGS) has received a cancellation on a small contract in the North Sea which was expected to be conducted in second quarter 2020. No specific announcement has previously been issued regarding this contract, but the contract was communicated as firm in the fourth quarter 2019 presentation.

The contract revenue was estimated at USD 1 million, and AGS will receive a cancelation fee of 25% of the estimated revenue amount.

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

Svein Knudsen, CFO

Svein.Knudsen@axxisgeo.com

+47 906 94 170

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