Fjord Defence Group ASA

AGM Information • Oct 24, 2019

Update on Extraordinary General Meeting

Update on Extraordinary General Meeting

Lysaker, 24 October 2019

Reference is made to the calling notice for an extraordinary general meeting dated 11 October 2019 to be held on 1 November 2019 (the "EGM"). The Company now puts forward a proposal for two new board members.

The Board of Directors in Axxis Geo Solutions ASA propose Tore A. Tønseth and Andreas C. Pay as new board members for election by the EGM on Friday 1 November 2019.

The proposed board members are shareholder elected directors; both independent of the company’s executive management and main business partners. Both proposed directors are also independent of the AGS’s main shareholders.

The two proposed candidates will substitute Fredrik Platou and Jogeir Romestrand who have offered their resignations as from 1 November 2019.

“I am very pleased to propose Tore A. Tønseth and Anders C. Pay for election to the Board of Directors of Axxis Geo Solutions (AGS). They have extensive knowledge and experience from the financial industry which will be a valuable addition to the Board and support AGS´ future growth”, says Rolf Rønningen, Chair of AGS' Board of Directors.

Andreas C. Pay’s term will commence immediately after the EGM, while Tore A. Tønseth’s term commences on 1 December 2019 due to current engagements.

The notice of the EGM is available here https://www.axxisgeo.com/investor/general-meeting.

More information on proposed board members:

Tore A. Tønseth is a Norwegian citizen residing in Ålesund, Norway. Mr.Tønseth has gathered deep knowledge and experience from the financial industry. For 15 years, Mr.Tønseth has been working as an equity research analyst in SpareBank1 Markets and Pareto Securities covering sectors like seafood, technology and industry. He also has several years’ experience from tech start-ups. Mr.Tønseth holds a Master of Science from Norwegian School of Economics and Business Administration (NHH) with a major in finance supported by a minor in econometrics. On 1 December 2019 he starts as investment director in the family office Ronja Capital.

Andreas C. Pay is a Norwegian citizen residing in Asker, outside the capital of Oslo. He is the CEO of Urbanium Gruppen AS, a family-owned real estate and investment group in Norway. He joined Urbanium Gruppen in 2016 after working more than 10 years with M&A and capital markets advisory in ABN AMRO/RBS, Leonardo & Co and Carnegie Investment Bank. Mr.Pay holds a Master of Science in Management from Universiteit Nyenrode and a Bachelor of Arts in Economics and Finance from Heriot-Watt University.

Proposed resolution:

Fredrik Platou and Jogeir Romestrand resign from the Board with effect from 1 November 2019. As new members of the Board are elected Andreas C.Pay with a term commencing immediately and Tore A. Tønseth, with a term commencing on 1 December 2019.

This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Contact

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