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Oslo, 27 May 2025

Aquila Holdings ASA ("Aquila" or the "Company") has today entered into an
agreement to acquire 99% of the shares in Fjord Defence AS ("Fjord Defence"), a
fast-growing niche provider of equipment to the global defence industry, from AS
Saturn, Cubic Invest AS, GKI AS, Hugin Management AS and Trigger AS (the
"Acquisition"). The shareholders owning the remaining 1% of Fjord Defence will
be given the opportunity to sell their shares to Aquila on identical terms as
the other sellers prior to completion of the Acquisition. The Acquisition will
result in Fjord Defence's shareholders holding approx. 38% of the outstanding
shares in Aquila (adjusted for Aquila's holding of treasury shares).

Subject to completion of the Acquisition, Aquila will reposition the Company as
a "compounder" seeking to acquire and develop fast-growing, profitable, and
well-run companies in the defence industry. As part of the repositioning, the
Company's board of directors (the "Board") will propose to change the name of
Aquila to "Fjord Defence Group ASA", and Fjord Defence founder, chairman, and
shareholder Jon Asbjørn Bø will be appointed CEO of the Company.

In connection with the Acquisition, Aquila is pleased to announce the successful
placing of an equity private placement raising gross proceeds of NOK 60 million
(the "Private Placement"), with the aim of strengthening the shareholder base
with solid, long-term shareholders who are supportive of the new strategy and
direction of the Company.

Aquila has made an updated company presentation available on its website
www.aquilaholdings.no with further information on the Acquisition, Fjord
Defence, the new management team (see below), and the Private Placement.

Jon Asbjørn Bø, founder and chairman of Fjord Defence and incoming CEO of the
Company, comments: "Since we founded Fjord Defence in 2017, we have grown the
company into a renowned supplier to the global defence industry, poised to
deliver revenues exceeding NOK 100 million with attractive margins in 2025.
While we have received a competing cash bid for our company, we strongly believe
we are in the early days of a multi-decade supercycle. Therefore, we saw a very
interesting value creation opportunity in being part of creating a listed
defence compounder company positioned to acquire attractive small and medium
sized companies as partners to their existing owners and management teams and
supercharge their growth. We look forward to work with the other shareholders of
Fjord Defence Group to deliver on this potential." 

ABOUT FJORD DEFENCE

Fjord Defence was founded in October 2017 and is a niche supplier of equipment
to the defence industry, including tripods and weapons mounts for ground
applications