Fjord Defence Group ASA

Legal Proceedings Report • Mar 16, 2021

Update on reconstruction in Axxis Geo Solutions ASA

Update on reconstruction in Axxis Geo Solutions ASA

Lysaker, 16 March 2021

Axxis Geo Solutions ASA ("Axxis" or the "company") today announces the draft for the company reconstruction, as well as implications for the company, its creditors and other stakeholders.

“Axxis will, after a successful reconstruction in line with the proposed plan, have a balanced financial position and good liquidity reserves to support continued operations. We have today outlined the draft for the reconstruction and implication for the stakeholders, as part of the reconstruction process, and expect the plan to be ready for a creditor vote after Easter, “says Nina Skage, Board Member of Axxis and part of the reconstruction team.

Reference is made to the Stock Exchange Announcement 16 February 2021 regarding the decision to file for a court protected reconstruction of the company. The District Court of Asker and Bærum subsequently appointed attorney-at-law Mr. Jon Skjørshammer of Kvale Advokatfirma DA as Reconstructor and Chairman of the Debt Restructuring Committee, while Lars Erik Lærum and Svein Knudsen were appointed as members of the Creditors' Committee.

The company today outlines the draft for the company reconstruction:

• The proposed plan by the company involves a forced debt settlement of the company’s unsecured debt.

• Cash settlement in the range of 5-20% of the outstanding amount; final percentage to be determined.

• Creditors will have an option to convert their outstanding claim to shares in the company. The conversion

price will be set to 0.5 NOK/share.

• Secured debt to Export Credit Norway is thought settled in full through a sale of Neptune Naiad and related

equipment.

• Bond loan to the extent of the value of its pledged assets not to be included in the forced debt

settlement.

• The proposed plan would be financed through raising new equity. There is a committed term sheet signed by a

group of investors willing to inject USD 17-20 million into the company.

“The company has received an alternative proposal, which has been carefully considered by the company together with its advisers. Axxis considers the proposal not to be feasible due to a set of legal, commercial and financial reasons, “ Skage concludes.

The draft for reconstruction is enclosed.

For further information, please contact:

Nina Skage, member of the Board of Directors,

nina@vestcorp.no,

+47 91538890

Ronny Bøhn, CEO,

ronny.bohn@axxisgeo.com

+47 905 58 517

Nils Haugestad, CFO,

nils.haugestad@axxisgeo.com

+47 977 04 439

About Axxis

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 Oslo Axess 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.