Fjord Defence Group ASA

Report Publication Announcement • Nov 9, 2022

Carbon Transition – Q3 2022 results

Carbon Transition – Q3 2022 results

Oslo, 9 November 2022

EVENTS DURING THE QUARTER

• First multi-client late sale of USD 1.6 million from Gulf of Suez survey

o Significantly earlier than anticipated

o Data processing recently completed

• Fair value of multi-client library USD 31.9 million

• Fair value of investments of USD 11.1 million

o Includes new USD 2.0 million investment in Dolphin Drilling

• Repurchased USD 0.5 million own shares

• Cash earnings USD 1.2 million for the quarter

• Available liquid funds of USD 8.3 million*

• Net asset value NOK 1.97 per share

* Bank deposits, trade receivable, marketable securities less payable for repurchase of own shares

A corresponding investor presentation will be held today at 08:30 CET (Norwegian time) in the office premises at Askekroken 11, 0277 Oslo. The presentation is open to the public.

A pre-recorded presentation of the results featuring Interim CEO and CFO, Nils Haugestad, is available at www.carbn.no.

The third quarter 2022 report and presentation are available at Carbon Transition’s web page (www.carbn.no) and Oslo Stock Exchange (www.newsweb.com).

For further information, please contact:

Nils Haugestad

Interim CEO & 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 other industries in listed companies as well as companies expected to be listed in the near term. 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