Fjord Defence Group ASA

Share Issue/Capital Change • May 3, 2021

Axxis Geo Solutions ASA – Key information regarding potential repair offering

Axxis Geo Solutions ASA – Key information regarding potential repair offering

Lysaker, 3 May 2021

Reference is made to the stock exchange announcement by Axxis Geo Solutions ASA ("Axxis" or the "Company") on 30 April 2021 concerning a private placement in the amount of NOK 144.5 million in gross proceeds and that the Company is considering to conduct a repair offering of up to 200,000,000 new shares (the "Repair Offering") with non-tradeable subscription rights to eligible shareholders.

Date for announcement of terms: 3 May 2021

Last day including right to receive subscription rights: 30 April 2021

First day excluding right to receive subscription rights: 3 May 2021

Record Date: 4 May 2021

Maximum number of new shares: Up to 200,000,000

Subscription price: NOK 0.10

Shall the rights be listed: No

The Repair Offering is, inter alia, conditional upon (i) the board of directors resolving to initiate the Repair Offering as described in the stock exchange announcement by the Company on 30 April 2021, (ii) approval by a general meeting in the Company, expected to be held in June 2021, and (iii) the publication of a prospectus approved by the Norwegian Financial Supervisory Authority.

The formal resolution (including the final number of new shares to be offered) related to the Repair Offering will be made by the board of directors following the general meeting and the approval and subsequent publication of a prospectus prepared in connection with the Repair Offering.

Notwithstanding the foregoing, the board of directors may, in its sole discretion, decide that the Company shall not carry out the Repair Offering, inter alia if the prevailing market price of the Company's shares trade lower than the subscription price and thereby making a repair offering redundant.

For further information, please contact:

Ronny Bøhn, CEO,

ronny.bohn@axxisgeo.com

+47 905 58 517

Nils Haugestad, CFO,

nils.haugestad@axxisgeo.com

+47 977 04 439

About Axxis

Axxis Geo Solutions (Axxis) is a pure-play ocean bottom node seismic company uniquely positioned to pursue both contract and multi-client seismic. Axxis 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. Axxis is listed on EURONEXT EXPAND OSLO and traded under the ticker Axxis.

More information on www.axxisgeo.com.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.