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Regulatory Filings • Oct 17, 2019

Axxis Geo Solutions completes world’s largest OBN multi-client survey offshore Norway

Axxis Geo Solutions completes world’s largest OBN multi-client survey offshore Norway

Axxis Geo Solutions (AGS) is pleased to announce successful completion of the Utsira multi-client ocean-bottom node (OBN) survey in the North Sea, Norway. The program was completed on October 8th and is a joint effort with JV partner TGS and covers an area of approximately 1,600 square kilometres of full azimuth multi-client 3D seismic.

The program has set several production records, deployed seven vessels including two vessels fitted with AGS proprietary node handling system, 140,000 node deployments and 3.8 million sources without any lost time incidents.

“The operational efficiency in the Utsira program demonstrates the attractiveness of OBN seismic for larger surveys to secure the highest data quality. Our OBN experience and proprietary technology enable safe and efficient acquisition and we are well positioned for new OBN surveys in the North Sea and globally”, says Lee Parker, the CEO of AGS.

“We see a growing interest in ocean-bottom seismic acquisition services, and we experience increased demand from oil and gas companies across the board. I am excited about the prospects”, he adds.

“TGS is very pleased with the completion of Utsira OBN and the preliminary results from the ongoing processing” says Fredrik Amundsen, EVP Europe & Russia at TGS. ”TGS remains confident that OBN will unlock further potential in Norway and will play an important part in exploration onwards.”

Following a short test program in Norway, the AGS fleet is now mobilising for the previously announced work outside the North Sea region.

Contacts

Lee Parker, CEO

Lee.Parker@axxisgeo.com

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 specialises 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