Fjord Defence Group ASA

Earnings Release • Jun 16, 2021

Axxis Geo Solutions ASA – Repayment of debt and sale of vessel

Axxis Geo Solutions ASA – Repayment of debt and sale of vessel

Lysaker, 16 June 2021

Reference is made to the stock exchange announcement of Axxis Geo Solutions ASA (the "Company") dated 7 April 2021 regarding the final reconstruction proposal and to the announcement dated 14 June 2021 regarding issuance of shares following inter alia registration of the private placement which raised NOK 144.5 million in gross proceeds to the Company. The Company has today repaid the remaining principal and accrued interest under the loan with Eksportkreditt Norge AS, which was guaranteed by Danske Bank and GIEK.

Furthermore, reference is made to the stock exchange announcement dated 7 May 2021 regarding a memorandum of agreement entered into with Sanco Holding AS ("Sanco") in respect of the sale of the vessel "Neptune Naiad" including certain equipment, to Sanco. The sale has today been successfully completed.

Contacts

Ronny Bøhn, CEO

Ronny.Bohn@axxisgeo.com

+47 905 58 517

Nils Haugestad, CFO

Nils.Haugestad@axxisgeo.com

+47 977 04 439

About AGS

Axxis Geo Solutions (Axxis) is a pure-play ocean bottom node seismic company uniquely positioned to pursue both contract and multi-client seismic. Axxis 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.

Axxis is listed on EURONEXT EXPAND OSLO and traded under the ticker Axxis.

More information on www.axxisgeo.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.