Fjord Defence Group ASA

Regulatory Filings • May 31, 2022

Carbon Transition announces new Utsira multi-client late sale

Carbon Transition announces new Utsira multi-client late sale

Oslo, 31 May 2022

Carbon Transition is pleased to announce that the company has entered into a new USD 1.8 million (net to Carbon Transition) multi-client seismic data licensing contract with an undisclosed customer. Under the contract, the customer will license certain data from Carbon Transition’s Utsira multi-client survey in Norway.

As previously communicated, Carbon Transition became debt free after the license sale reported 16 March 2022. With the company’s financial indebtedness fully repaid, the proceeds from this late sale will represent a net cash contribution of USD 1.8 million to Carbon Transition. Late sales from Q4 2021 through today totals USD 8.7 million.

The significant increase in oil and gas prices has further solidified the expected value of the company’s multi-client library. The oil industry’s focus on improved oil recovery and infrastructure-led exploration are going to remain key drivers and our multi-client library fits well with this trend.

For further information, please contact:

Nils Haugestad, Interim CEO and CFO

nils.haugestad@carbn.no

+47 977 04 439

About Carbon Transition

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 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.