Fjord Defence Group ASA

Earnings Release • Feb 22, 2024

Aquila Holdings announces Q4 2023

Aquila Holdings announces Q4 2023

Oslo, 22 February 2024

EVENTS DURING THE QUARTER

• Multi-client revenues USD 1.7 million

• Utsira reprocessing priority area delivered to clients

• Fair value of multi-client library USD 31.1 million

• Fair value of investment portfolio USD 6.6 million

• USD 1.0 million reduction in fair value of financial assets

• Available liquid funds of USD 8.5 million*

• Cash earnings (loss) for the quarter USD (0.5) million, after USD 0.5 million non-recurring legal expenses**

• Net asset value NOK 1.76 per share

* Bank deposits, net trade receivable and marketable securities

** Revenue, cost of sales, SG&A

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.aquilaholdings.no.

The fourth quarter 2023 report and presentation will be available at Aquila Holdings ASA (www.aquilaholdings.no) and Oslo Stock Exchange (www.newsweb.com).

For further information, please contact:

Nils Haugestad

Interim CEO & CFO

nils.haugestad@aquilaholdings.no

+47 977 04 439

About Aquila Holdings

Aquila Holdings ASA ("AQUIL") is a Norwegian seismic multi-client and investment company listed on Euronext Expand. Aquila Holdings specializes in 3D ocean bottom node seismic multi-client data for near-field exploration. The company holds two key seismic multi-client assets, one in Norway and one in Egypt. Aquila Holdings also has an investment arm, with focus on investments in listed companies as well as companies expected to be listed.

More information on www.aquilaholdings.no