Fjord Defence Group ASA

Share Issue/Capital Change • Nov 21, 2019

RESULT IN THE SUBSEQUENT OFFERING

RESULT IN THE SUBSEQUENT OFFERING

Lysaker, 21 November 2019

Reference is made to the announcement on 7 November 2019 regarding commencement of the subscription period in the subsequent offering (the “Subsequent Offering”) of up to 8,333,333 new shares (the “Offer Shares”) in Axxis Geo Solutions ASA (the "Company").

The subscription period in the Subsequent Offering expired today, 21 November 2019, at 16:30 hours (CET). By the end of the subscription period, the Company had received subscriptions for 11,071 Offer Shares. Notifications of allocated Offer Shares in the Subsequent Offering and the corresponding amount to be paid by each subscriber will be sent out in a separate letter to each subscriber. Allocation letters are expected to be sent out tomorrow, 22 November 2019.

The share capital increase relating to the Subsequent Offering is expected to be registered with the Norwegian Registry of Business Enterprises on or about 29 November 2019 and the shares will be delivered to the VPS accounts of the subscribers to whom they are allocated on or about the same day.

ABG Sundal Collier ASA, Fearnley Securities AS and SpareBank 1 Markets AS are managers for the Subsequent Offering.

Important information:

The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia). This release is an announcement issued pursuant to legal information obligations, and is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into Australia, Canada, Japan or the United States. The issue, subscription or purchase of shares in the Company is subject to specific legal or regulatory restrictions in certain jurisdictions. The Company does not assume any responsibility in the event there is a violation by any person of such restrictions. The distribution of this release may in certain jurisdictions be restricted by law. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Forward-looking statements: This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

Contacts

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