Fjord Defence Group ASA

Major Shareholding Notification • Oct 11, 2019

DISCLOSURE OF LARGE SHAREHOLDINGS

DISCLOSURE OF LARGE SHAREHOLDINGS

Reference is made to the stock exchange release dated 10 October 2019 from Axxis Geo Solutions ASA (the "Company") with respect to the successful private placement (the "Placement"). As the Placement involves two tranches as described in the Company's announcement, some shareholders will cross relevant tresholds in the Securituies Trading Act section 4-3 on different times. The following shareholders make notification of large shareholdings where all shares are acquired in the Placement at a price of NOK per share:

Havila Holding AS will through subscription of 12 393 393 shares in tranche 2 of the Placement, hold 15 549 434 shares, equal to 26.4% of all shares and votes, following completion of the tranche 2 of the Placement, and thereby cross the threshold of 15% after completion of tranche 2.

Songa Investments AS will through subscription of 3 000 000 shares in the aggregate in the Placement, hold 6 399 283 shares, equal to 10.9% of all shares and votes, following completion of tranche 2 of the Placement, and thereby cross the threshold of 15% after completion of tranche 2.

Rome AS will through subscription of 1 250 000 shares in tranche 2 of the Placement, after completion of tranche 1 continue to hold 2 449 257 shares and votes which represent 7.97% of all shares and votes after completion of tranche 1 and thereby cross the 10% threshold after completion of tranche 1.

Bjarte Henry Bruheim will continue to hold 2 371 657 shares after completion of the Placement, and thereby hold 7.71% of all shares and votes after completion of tranche 1 and thereby cross the 10% threshold after completion of tranche 1, and then hold 4.03% of all votes and shares after completion of tranche 2 and thereby cross the 5% threshold after completion of tranche 2.

W2 Seismic AS will continue to hold 1 765 561 shares after completion of the Placement, and thereby hold 3% of all shares and votes after completion of tranche 2 and thereby cross the 5% threshold after completion of tranche 2.