Fjord Defence Group ASA

Regulatory Filings • Dec 22, 2021

Carbon Transition announces new Utsira multi-client late sale

Carbon Transition announces new Utsira multi-client late sale

Oslo, 22 December 2021

Carbon Transition ASA is pleased to announce that the company has entered into a new USD 1.37 million multi-client seismic data licensing contract with an undisclosed customer. This follows the total net USD 4.2 million license agreements announced on 3 December 2021 (link: https://newsweb.oslobors.no/message/548467) and on 14 December 2021 (link: https://newsweb.oslobors.no/message/549260).

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 1.37 million to Carbon

Transition on a net basis. This means Carbon Transition in total has sold a net of USD 5.57 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 5.57 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.