Fjord Defence Group ASA

Legal Proceedings Report • Feb 16, 2021

Axxis has decided to file for court protected reconstruction

Axxis has decided to file for court protected reconstruction

Lysaker, 16 February 2021

Axxis Geo Solutions ASA ("Axxis" or the "Company") has not been able to reach agreement with all creditors in order to implement a voluntary solution to refinance the Company.

Consequently, and as previously reported, the Company will file for court protected reconstruction.

The group of financial investors, referenced in the stock exchange release of 14 January 2021, has expressed continued support to invest in the Company also as part of a reconstruction process.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Contacts:

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