Fjord Defence Group ASA

Earnings Release • Jun 7, 2019

Axxis Geo Solutions completes successful OBN survey offshore India

Axxis Geo Solutions completes successful OBN survey offshore India

Lysaker, Norway, 7 June 2019: Axxis Geo Solutions AS (AGS) today announced the successful completion of a major field acquisition for ONGC of over 2,000 square kilometers in very complex oilfields encompassing D1 and NH fields on the western continental shelf of India.

The campaign contract was awarded in August 2018 to AGS and its strategic partner. AGS part of this contract is valued at over USD 70 million. AGS has been responsible for the entire offshore acquisition operation, and the strategic partner has provided field quality control, data processing support, contract holding and client interface.

“This is a major milestone for AGS. We have completed a profitable Ocean Bottom Node (OBN) project on schedule and we have positioned the company for additional surveys in the region”, 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 companies across the board. I am very excited about the prospects”, he adds.

The campaign used five seismic specific vessels, two dual source vessels and three ocean bottom node handling vessels.

AGS is now mobilizing two of the vessels back to the Norwegian North Sea to complete the Utsira Ocean Bottom Node (OBN) Multi-Client project.

Contacts

Axxis Geo Solutions AS (Investor Relations)

Svein Knudsen, CFO

Svein.Knudsen@axxisgeo.com

About AGS

AGS is a leading pure play ocean bottom node seismic company uniquely positioned to pursue both contract and multiclient seismic. The company specializes on delivering tailored seismic solutions and flexible hands-on project management and execution. Its operation is based on a scalable asset light strategy through chartering of vessels and nodes to complete seismic surveys.