Fjord Defence Group ASA

Business and Financial Review • Sep 23, 2019

Axxis Geo Solutions receives LOI for additional work

Axxis Geo Solutions receives LOI for additional work

23 September 2019, Lysaker, Norway

Axxis Geo Solutions ASA (OSE: AGS) has entered into a Letter of Intent (LOI) to commence a large OBN survey in the fourth quarter of 2019.

The planned survey has an estimated scope of 28 vessel months, utilizing two source vessels and two receiver vessels.

“This LOI confirms AGS’ ability to continue to be awarded non North Sea season work by utilizing it’s unique asset-light operational model coupled with best in class operational excellence demonstrated in recent campaigns by our dedicated crew personnel.”, says Lee Parker, CEO of AGS.

AGS is currently working on a Multi-Client survey with TGS in the North Sea, which is expected to be completed during the third quarter 2019.

Contact

Lee Parker, CEO

Lee.Parker@axxisgeo.com

+1 (832) 275-7258

Svein Knudsen, CFO and IR contact

+47 906 94 170

Svein.Knudsen@axxisgeo.com

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

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.

More information on www.axxisgeo.com