Fjord Defence Group ASA

Management Reports • Jun 15, 2021

Strategic development of Axxis

Strategic development of Axxis

Lysaker, 15 June 2021

As previously disclosed in connection with the Q1 financial results, the completion of the financial restructuring provides the Company with a solid platform for new business opportunities. With the registration of the new share capital as referenced in the stock exchange release dated 14 June 2021, the shareholder base of the Company will significantly change.

Following the upcoming AGM on 23 June 2021, it is also expected that a new board will be in place. In connection therewith, the Company would like to inform that it has started a process of evaluating its strategic direction. The likely outcome of these evaluations is that Axxis will grow and expand into new business areas which are not related to the oil and geophysical market area, and to which Axxis has not been operating historically.

The clear ambition and goal of this process is to create value for Axxis' shareholders on a long-term basis, which includes retaining and maximizing the value of its existing asset-light geophysical business.

The Company will shortly commence work on the previously announced contract in the North Sea. In addition, Axxis owns an attractive and high quality OBS data library in the North Sea, jointly owned 50/50 with TGS. Furthermore, the Company owns an OBS data library jointly with Western Geco in the Gulf of Suez in Egypt.

The company will revert with more details once the strategic evaluation is concluded, possibly in combination with an acquisition/investment announcement.

Contacts

Ronny Bøhn, CEO

Ronny.Bohn@axxisgeo.com

+47 905 58 517

Nils Haugestad, CFO

Nils.Haugestad@axxisgeo.com

+47 977 04 439

About AGS

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 EURONEXT EXPAND OSLO and traded under the ticker Axxis.

More information on www.axxisgeo.com