Fjord Defence Group ASA

Earnings Release • Aug 25, 2022

Carbon Transition announces Q2 2022 results

Carbon Transition announces Q2 2022 results

Oslo, 25 August 2022

EVENTS DURING THE QUARTER

• One multi-client late sales of USD 1.8 million

• Fair value of multi-client assets of USD 33.2 million

• Fair value of investments of USD 12.5 million relative to USD 9.9 million initial investment

o Non-cash write-down of USD 4.5 million in the period

o Stronger US dollar accounting for USD 1.4 million of reduction

o Excluding foreign exchange effects, the full write-down is related to the change in the stock market price of CO2 Capsol from NOK 16.59 per share at 31 March 2022 to NOK 9.18 per share at 30 June 2022

• Cash earnings of USD 1.2 million as a result of USD 1.8 million in revenues and USD 0.5 million in operating costs in the quarter

• No financial indebtedness

• Bank deposits of USD 2.7 million. Bank deposits including trade receivables from multi-client sales in the quarter were USD 4.9 million. These receivables have been collected in Q3 2022

• Bank deposits plus trade receivables and marketable securities (defined as investments listed on a stock exchange) were USD 8.3 million

• Cost cutting effort largely completed

• Net asset value of NOK 1.94 per share

• Carbon Transition now has a robust financial position which enables it to make additional investments or to consider share repurchases and/or dividends if we believe this is more attractive for our shareholders

A corresponding investor presentation will be held today at 08:30 CET (Norwegian time) in the office premises at Askekroken 11, 0277 Oslo. The presentation is open to the public.

A pre-recorded presentation of the results featuring Interim CEO and CFO, Nils Haugestad, is available at www.carbn.no.

The second quarter 2022 report and presentation are available at Carbon Transition’s web page (www.carbn.no) and Oslo Stock Exchange (www.newsweb.com).

For further information, please contact

Nils Haugestad, Interim CEO and 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 a multi-client seismic 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.