Fjord Defence Group ASA

Earnings Release • Nov 6, 2019

Third quarter 2019 earnings release

Third quarter 2019 earnings release

Lysaker, 6 November 2019

Highlights Q3 2019

• Merger with Songa Bulk ASA was completed, with reverse share split, forming Axxis Geo Solutions ASA (ticker AGS, continued listing on Oslo Axess)

• Awarded first contract in the growing Brazilian OBN market

• Signed LOI for a large OBN survey in the Middle East, significantly improving the backlog visibility

• Several seismic production records on the Utsira OBN multi-client survey achieved

Subsequent Events

• Successfully completed a private placement, raising gross proceeds of MNOK 225

• Successfully executed one of the world’s largest OBN multi-client survey offshore Norway

CEO STATEMENT

“AGS operations continue to grow and mature through the third quarter of this year. We achieved multiple production records during the Utsira multi-client survey offshore Norway, we entered a new OBN market in Brazil and signed an LOI for a large OBN survey in the Middle East. With our safe and efficient track record, our asset light model, core competence and proprietary technology, we believe AGS is well positioned to grow and pursue OBN market opportunities”, says Lee Parker CEO of Axxis Geo Solutions.

The access to the listing on Oslo Axess on 3 July 2019 represents an important milestone in the short history of AGS. The listing also paved the way for the subsequent private placement after the close of this quarter, which will strengthen our balance sheet and fund further growth and capital expenditures needed to meet increased OBN activity.” Mr. Parker continues.

The third quarter report 2019 will be made available at Axxis Geo Solutions (www.axxisgeo.com) and Oslo Stock Exchange (www.oslobors.no) websites.

A presentation of the results will be held on Wednesday 13 November at 10:00 CET at Hotel Continental, Stortingsgaten 24/26 in Oslo. The presentation will be held by Lee Parker, CEO and Svein Knudsen, CFO. The presentation and Q&A session may also be followed through a live webcast from:www.axxisgeo.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

Svein Knudsen, CFO

Svein.Knudsen@axxisgeo.com

+47 906 94 170

Nina Midtlie, Group Financial Director

nina.midtlie@axxisgeo.com

+47 982 06 378

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