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Regulatory Filings • Aug 27, 2019

AGS enters the Brazilian OBN market on a USD 4 million contract

AGS enters the Brazilian OBN market on a USD 4 million contract

Lysaker, Norway, 27 August 2019:

AGS has signed a contract for source work in Brazil with minimum value of USD 4 million with SAExploration. The initial contract is minimum three vessel months including mobilization and demobilization which is compensated for.

The source vessel, Neptune Naiad, is owned by AGS and will be transferred from the North Sea for commencement of Ocean Bottom Node (OBN) operations in Brazil in October. The Neptune Naiad is a field proven, reliable and efficient dual and triple source vessel that has worked continuously on OBN projects since mid-2017.

The Osprey Explorer will be mobilized to the ongoing OBN survey on Utsira in the North Sea and will remain on the project though completion. The survey is expected to be completed late September this year.

“We are able to continue safe and reliable operations in the North Sea, while entering a new and growing market with our OBN source vessel in Brazil. This is a good example of how we are able to utilize our flexible asset-light operational model to provide fit-for-purpose solutions to our customers and partners.”, says Lee Parker, CEO of Axxis Geo Solutions.

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 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