Fjord Defence Group ASA

Capital/Financing Update • Mar 16, 2022

Carbon Transition announces new Utsira multi-client late sale and becomes debt free

Carbon Transition announces new Utsira multi-client late sale and becomes debt free

Oslo, 16 March 2022

Carbon Transition ASA is pleased to announce that the company has entered into a new USD 1.4 million (net to Carbon Transition) multi-client seismic data licensing contract with an undisclosed customer. Under the contract, the customer will license certain data from Carbon Transition’s Utsira multi-client survey in Norway. This follows total Utsira net multi-client license sales of USD 5.5 million (net to Carbon Transition) announced in the fourth quarter of 2021. Thus, in total USD 6.9 million (net to Carbon Transition) in multi-client sales has been received by the company since the fourth quarter of 2021.

As evident through these recently announced multi-client sales to several parties, the market for our multi-client library has significantly improved over the last few months and we expect significant cash flow from multi-client sales going forward.

In connection with this multi-client late sale, Carbon Transition will repay its outstanding USD 0.9 million loan balance. As a result, the company will have no remaining financial indebtedness and cash balances will be increased by approximately USD 0.5 million. This is a significant milestone for the company after its financial restructuring of 2021, and has taken place well ahead of the expected timeframe. Furthermore, this removes restrictions on paying dividends and share buybacks which were not allowed previously under the loan agreement.

For further information, please contact:

Nils Haugestad, Interim CEO & CFO

nils.haugestad@carbn.no

+47 977 04 439

About Carbon Transition ASA

Carbon Transition ASA ("CARBN") is an investment company listed on Euronext Expand. CARBN has a strategy to invest in companies and technologies which contribute to significant reductions of carbon emissions. The company may also invest more broadly in the "energy transition" space. CARBN has a legacy seismic business operating under the name Axxis Geo Solutions, with both an ocean-bottom seismic contract business and a multi-client data library.

More information on www.carbn.no

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