Fjord Defence Group ASA

Share Issue/Capital Change • Sep 5, 2022

Carbon Transition announces investment in Dolphin Drilling and a revised corporate strategy

Carbon Transition announces investment in Dolphin Drilling and a revised corporate strategy

Oslo, 5 September 2022

Carbon Transition has made an investment of USD 1.75 million in a private placement of common shares in Dolphin Drilling AS. Dolphin Drilling is a rig company with several harsh environment semisubmersible drilling rigs. Dolphin Drilling is targeting to list its shares on Euronext Growth and expects to have its shares traded on or about 13 September 2022. See press release: https://newsweb.oslobors.no/message/570482 for further information about Dolphin Drilling and the transaction.

Reference is made to the press release of 25 August 2022. Carbon Transition’s new board of directors has decided to amend the company’s strategy. Under the revised strategy, Carbon Transition will expand its investment focus into new areas in addition to its previously announced strategic targets. Going forward, Carbon Transition will also invest in other industrial sectors in listed companies as well as companies expected to be listed in the near term. This strategic shift has been made to optimize the company’s ability to generate attractive investment returns through the business cycle and capitalize on the company’s core strengths.

Note that Carbon Transition's largest investment and asset on its balance sheet is a significant OBN multi-client library, with surveys in the Utsira area in the Norwegian North Sea and the Gulf of Suez in Egypt. The company expects to see significant sales from this library going forward.

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 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.