Fjord Defence Group ASA

Investor Presentation • Sep 11, 2019

Pareto Conference 11 September 2019

Lee Parker, CEO

Disclaimer

The information in this presentation has been prepared by Axxis Geo Solutions ASA ("AGS" or the "Company"). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions:

This presentation has been prepared by the Company based on information available as of the date hereof. By relying on this presentation you accept the risk that the presentation does not cover all matters relevant of an assessment of an investment in the company.

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The presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof, and 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. It should be

Supporting customers as a one-stop-shop partner understood that subsequent developments may affect the information contained in this document, which neither the Company nor its advisors are under an obligation to update, revise or affirm. This complete presentation is for informational purposes only and does not constitute an offer to sell shares in of the Company. This presentation is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this presentation should be interpreted as a term or condition of the Transaction. The presentation is strictly confidential and may bot not be reproduced or redistributed, in whole or in part, to any other person.

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Any investment in the Company involves inherent risks and is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of the investment. Investors should carefully review the summary of risk factors set out in the following slides before making any investment decision.

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Strong market forces driving OBS market growth

• Rapidly growing USD >1 billion OBS market
• Shallow and midwater 60-70% of the OBS market
• Demand for high resolution data
• OBS cost coming down
• An attractive alternative to "high-end" seismic

AGS has a competitive edge in the OBS market

Asset light model

proprietary technology

Core competence & Operational excellence

Asset light model Flexible and cost efficient asset light leasing model

Vessels

• Flexibility on vessel type and capacity
• Adjust fleet capacity to survey backlog
• Avoid seasonal utilisation discrepancies

• Lease nodes based upon demand
• Multiple node suppliers can be used Enabling use of latest technology Possible to adjust number of crews

Nodes Crews

• Flexibility proven in the North Sea
• Using crews with node handling experience

Cost base closely linked to utilisation and activity level

Core competence and proprietary technology Combining OBS competence and experience with proprietary technology

• Constant Velocity proprietary nodal recovery and deployment system
  • Simple, safe and reliable low cost system
  • Nodes deployed with speed up to 6 knots
• A node agnostic system provides flexibility
  • De-risk project schedule
• The system can be attached to any vessel
  • Require minimum modifications
  • Reduce mobilisation time and cost

Operational excellence Step-change in productivity

• 50% efficiency gain with triple-source acquisition

• 20% organic productivity increase compared to 2018

  • Improved overall efficiency
• Supporting customers as a one-stop-shop partner Handling system refinements
  • Steep learning curve
  • Aiming to increase beyond 14-20km2 per day in 2020

7 in the North Sea. North Sea production corresponds to 1.5x ONGC production

Operational excellence AGS performs OBS surveys 6-8x faster than peers

• Superior efficiency through the North Sea season
• Laying and picking up nodes 2-3x the speed of competitors Source: SeisIntel as of 23-Aug-2019. Based on observations during 2019 North sea season, Norway. 1) Using 2 vessels 2) Using 2-3 vessels
• Leading to lower cost per km2
• Increases total km2 survey capacity

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Successfully proven model Executing major North Sea multi-client survey

Project information
Country/region	Norway, Utsira High in the North Sea
Type	Multi-client OBN
Size km2	~1 500
Partner	TGS (50-50 revenue recognition)
Pre-funded	AkerBP, Equinor
Status	1 300 km2 completed Expected completion in Q3 2019

• Largest North Sea OBN survey
• Interest for additional surveys in 2020-2022
• Potentially 5,000 -10,000 km2 per season

Successfully proven model Successful completion of complex OBN contract survey in India

Project information
Country/region	India, Mumbai High
Type	Contract
Size km2	>1200 Full Fold
Value (USDm)	701
Partner	SAExploration
Status	Completed
 Extending SAExploration collaboration to Brazil for deep water ROV source work
 Award of additional contracts in India expected October/November 2019

• deep water ROV source work
• Award of additional contracts in India expected October/November 2019

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Successfully proven model

Proven OBS track record positions AGS for new opportunities

USD 100m in tenders and USD 800m pipeline 2019 / 2020

Excellent position in a growing Ocean Bottom Seismic market

1 Solid market fundamentals Excellently positioned to grow market share

Competitive edge in the OBS market Acquiring seismic data 6-8x faster than peers 2

Successfully proven model Generated revenue of USD 90m from two major surveys 3

Well positioned for new opportunities Strong OBS track record combined with long-term partnerships

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