Fjord Defence Group ASA

Regulatory Filings • Dec 30, 2019

Axxis Geo Solutions signs contract for the Middle East

Axxis Geo Solutions signs contract for the Middle East

Lysaker, 30 December 2019

Reference is made to notifications from Axxis Geo Solutions ASA (AGS) dated 23 September and 17 December 2019 concerning a Letter of Intent for a project in the Middle East.

AGS is pleased to announce that it has signed the contract for the 3D ocean bottom node (OBN) seismic acquisition survey in the Middle East.

“This contract will secure activity for the company and contribute with revenues through most of the winter season. In addition, this contract is a sign of seismic activity re-emerging in the region through advanced OBN seismic and imaging technology with potential demand for OBN seismic in years to come. With AGS’ track record of safe and efficient operations and a scalable business model, we believe we are well positioned for future contracts in the region” says CEO Lee Parker.

The work is expected to commence in early January 2020 and will continue through most of the first quarter 2020.

As a consequence of the delayed contract award and the commencement of the work, and as set out in the release from 17 December 2019, the Company is considering various options to strengthen its working capital position.

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

Contacts

Lee Parker, CEO

Lee.parker@axxisgeo.com

+1 832 275 7258

Svein Knudsen, CFO

Svein.Knudsen@axxisgeo.com

+47 906 94 170

About AGS

Axxis Geo Solutions (AGS) is a pure-play ocean bottom node seismic company

uniquely positioned to pursue both contract and multi-client seismic. AGS

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.

AGS is listed on Oslo Axess and traded under the ticker AGS.

More information on www.axxisgeo.com