Fjord Defence Group ASA

Business and Financial Review • Mar 19, 2020

Axxis Geo Solutions awarded extension to Middle East contract

Axxis Geo Solutions awarded extension to Middle East contract

Lysaker, 19 March 2020

Reference is made to notification from Axxis Geo Solutions ASA (AGS) dated 30 December 2019 concerning a contract for 3D ocean bottom node (OBN) seismic acquisition survey in the Middle East.

AGS is pleased to announce that an extension to this contract has been awarded. The additional work is estimated to be totaling 7 vessel months and will continue into the second quarter of 2020.

"This extension adds profitability and cash flow to the overall project, whilst offering our client a cost-effective addition to their venture. We also register that AGS' track record of safe and efficient operations continue to position us for future contract wins" says CEO Lee Parker.

“The added work, together with recently announced LOI for a North Sea contract, will be helpful in the ongoing process of strengthening the Company’s working capital” adds Parker.

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