Fjord Defence Group ASA

Earnings Release • Feb 26, 2020

Fourth quarter 2019 earnings release

Fourth quarter 2019 earnings release

26 February 2020, Lysaker

HIGHLIGHTS Q4 2019

• Impacted negatively by unplanned delays in start of the Middle East contract which later was awarded at the end of the quarter

• Started production in Brazil for source operations of Neptune Naiad to the Company’s Brazil campaign

• Initiated plan to strengthen the financial position due to delayed contract award for the Middle East project

SUBSEQUENT EVENTS

• The OBN crew mobilized and commenced the Middle East OBN survey in mid-January

• In process of implementing the plan to restructure accounts payable to improve working capital

• Received LOI for a North Sea contract with a major international oil company

CEO STATEMENT

“In the fourth quarter we lost valuable production time while being in stand-by modus for the Middle East contract we currently are on, and this has negatively impacted our financial performance and position. Mitigation measures were initiated during the quarter.

During this quarter we completed the Utsira 3D OBN and entered a new OBN market in Brazil. At the end of the quarter we received final contract award for above mentioned OBN survey in the Middle East in relation to previously announced LOI.

With our safe and efficient track record, our asset light model, core competence and proprietary technology, we believe AGS is well positioned to grow and pursue OBN market opportunities”, says Lee Parker CEO of Axxis Geo Solutions.

The fourth quarter 2019 report and presentation is available at Axxis Geo Solutions ASA (www.axxisgeo.com) and Oslo Stock Exchange (www.newsweb.com).

A presentation of the results will be held on Wednesday 26 February 2020 at 10:00 CET at Hotel Continental, Stortingsgaten 24/26 in Oslo. The presentation will be held by Lee Parker, CEO and Svein Knudsen, CFO. The presentation is open to the public.

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

Contacts

Lee Parker, CEO

Lee.parker@axxisgeo.com

+1 832 275 7258

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