Fjord Defence Group ASA

Earnings Release • Feb 22, 2023

Carbon Transition announces Q4 2022 Results

Carbon Transition announces Q4 2022 Results

Oslo, 22 February 2023

REVISED STRATEGY

Carbon Transition comprises an OBN multi-client company and an investment arm. The company generates revenues from multi-client seismic data and may do select investments in listed companies as well as companies expected to be listed in the near term. Investments must meet the criteria for risk and return set by the board of directors.

EVENTS DURING THE QUARTER

• Fair value of multi-client library USD 37.5 million

o Includes second write-up of Utsira survey of USD 7.0 million

o Total multi-client write-ups year-to-date of USD 12.6 million

• Announced reprocessing of the Utsira survey, backed by the major operators in the area

• USD 2.5 million Utsira late sale (net to Carbon Transition) with significant additional future revenues based on agreed trigger events

• Non-cash USD 4.3 million write-down of investment portfolio

o Write-down of Britishvolt investment primary contributor

o Invested USD 1.7 million (NOK 15.2 million)

• Cash earnings USD 1.9 million for the quarter

• Available liquid funds of USD 11.2 million*

• Net asset value NOK 2.00 per share

* Bank deposits, trade receivable and marketable securities

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

The fourth quarter 2022 report and presentation will be available at Carbon Transition ASA (www.carbn.no) and Oslo Stock Exchange (www.newsweb.com).

For further information, please contact:

Nils Haugestad

Interim CEO & CFO

nils.haugestad@carbn.no

+47 977 04 439

About Carbon Transition

Carbon Transition ASA ("CARBN") is an investment company listed on Euronext Expand. CARBN comprises an OBN multi-client company and an investment arm. The company may invest broadly in listed companies as well as companies expected to be listed in the near term.

More information on www.carbn.no