Fjord Defence Group ASA — M&A Activity 2021

Dec 14, 2021

Carbon Transition announces new Utsira multi-client late sale

Carbon Transition announces new Utsira multi-client late sale

Oslo, 14 December 2021

Carbon Transition ASA is pleased to announce that the company has entered into a new USD 2.0 million multi-client seismic data licensing contract with an undisclosed customer. This follows the net USD 2.2 million license agreement announced on 3 December 2021(link: https://newsweb.oslobors.no/message/548467).

Under the contract, the customer will license certain data from Carbon Transition’s Utsira multi-client library in Norway. The agreement represents revenues of approximately USD 2.0 million to Carbon Transition on a net basis. This means Carbon Transition in total has sold a net of USD 4.2 million from the Utsira multi-client library in the month of December 2021.

The combined sales in December will strengthen Carbon Transition's balance sheet with approximately USD 4.2 million.

For further information, please contact:

Nils Haugestad, Interim CEO & 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 both an ocean-bottom seismic contract business and a multi-client 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.