Fjord Defence Group ASA

Share Issue/Capital Change • Oct 16, 2019

Registration of capital increase

Registration of capital increase

Lysaker, 16 October 2019

Reference is made to previous announcements regarding the private placement (the "Placement") by Axxis Geo Solution ASA (the "Company"). 9,435,074 new shares relating to tranche 1 of the Placement have now been registered as issued with the Norwegian Register of Business Enterprises. These shares will be placed on a separate ISIN and will not be tradable on Oslo Axess until a listing prospectus has been approved and made public by the Company. The shares now issued will be delivered to the lenders as settlement under the share lending arrangement agreed in connection with the Placement. Following the registration, the registered share capital of the Company is NOK 42,868,114.60019601, divided into 30,745,011 shares, each having a face value of NOK 1.39431124614644.

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

Contacts

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