Lysaker, 7 July 2021

Reference is made to the stock exchange announcement by Axxis Geo Solutions ASA
(the "Company") on 15 June 2021 regarding the evaluation by the new board of
directors of the Company's strategic direction. Such evaluation has now been
completed. 

The board of directors' view is that the recent restructuring process, in which
new owners have gained control over the Company and substantially improved the
Company's financial situation, represents a unique opportunity to capitalise on
it, and create a company with good growth prospects. The board of directors has
chosen to follow a strategy which entails creating a sustainable and diversified
company with focus on the future, in which the Company will no longer operate as
a pure play seismic company as it has been operating historically. The board of
directors has thus resolved that the Company promptly shall be transformed to a
listed investment company with a focus towards companies and technologies
engaged in the "energy transition" area, which contribute to significant
reductions of carbon emissions. The Company may also invest more broadly in the
"energy transition" space. To reflect the strategic change the board of
directors will propose to change the Company's business name to Carbon
Transition ASA ("Carbon Transition").

As part of the new strategic direction, the board of directors aims to build a
company which is attractive for long term investments, being actively engaged in
business areas deemed to grow and prosper in the next decades. Carbon Transition
will focus on investing in private companies with an objective of becoming
listed in the shorter term, and in private placements in connection with listing
of companies, and in such manner that Carbon Transition will become a listed
company which create interesting investment opportunities for the broad base of
stock market investors. As a result of Carbon Transition being a listed company
and having access to capital, it will enable the Company to invest in companies
with an attractive rate of return potential, for the benefit of the Company's
shareholders. 
 
Carbon Transition will aim to take significant ownership stakes in companies and
have a goal of positively impacting the value creation of its investments. The
relative size of Carbon Transition's investments is expected to be of such size
that the Carbon Transition will be able to realise its investments in an
efficient manner in the future. The objective is to invest in a portfolio of
companies with focus on "winning" technologies with prospects for substantial
future growth within large and well established global markets. The board of
directors believes that Carbon Transition can contribute as a catalyst for such
companies' growth, and as such aim to create substantial value for its
shareholders. 

The current seismic business of Carbon Transition will continue going forward,
but however be defined as an investment of the Company, and hence be subject to
requirements for satisfactory rates of return. The board of directors considers
the new strategy of the Company to allow for its current seismic business area
to be included in Carbon Transition in such manner for a transition period.
Seismic contracts and seismic data library are expected to generate revenues to
finance the new strategy. It is essential that the costs related to operating
this part of the Carbon Transition's business are kept low. Over time the
objective is to utilise revenue from the node technology and multi-client
revenues to new investments within the "energy transition" area. 

Carbon Transition is already in dialogue with companies which are potential
targets for its new strategy and is pleased to announce that it has made its
first new investment in line with the Company's new strategy. This is an
investment in the company Arbaflame AS. See a separate stock market announcement
announced today (07.07.2021) for more information about this investment. 
 
* * *

In connection with the information set out above, the Company will prepare and
publish a supplemental prospectus for the ongoing subsequent offering in the
Company, as previously announced. The supplemental prospectus will be published
as soon as possible after it has been approved by the Norwegian Financial
Supervisory Authority.   

Contacts
Gisle Grønlie, Chairman 
gisle.gronlie@gmail.com
+ 47 917 51 194

About Carbon Transition ASA (in the process of changing the company name from
Axxis Geo Solutions ASA)
Carbon Transition ASA ("CT") is an investment company listed on Oslo Stock
Exchange (Euronext Expand Oslo) and traded under the ticker Axxis. CT has a
focus towards investing in companies and technologies engaged in the "energy
transition" area, which contribute to significant reductions of carbon
emissions. CT may also invest more broadly in the "energy transition" space. CT
has a legacy OBN seismic business operating under the name Axxis Geo Solutions,
with both a node-technology seismic contract business, and a multiclient
library. This business unit is categorized as an investment, and revenues
generated from this business unit may be invested in the "energy transition"
area.
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.