Oslo, 3 March 2022

Further to the announcement on 25 August 2021
(https://newsweb.oslobors.no/message/540604) where Carbon Transition commenced a
review of strategic alternatives with respect to the company's seismic node on a
rope business, the company is pleased to announce an agreement to sell this
business to Magseis Fairfield ASA. In light of Carbon Transition's new strategic
direction, we believe our node on a rope operation will be more optimally
utilized as a part of the Magseis Fairfield system and thereby maximize the
market potential of the node on a rope equipment. 

The sale does not include the multiclient business of Carbon Transition and the
company thereby retains the full upside of the Utsira and the Gulf of Suez
multiclient surveys. As evident through recently announced multiclient sales to
several parties, the market for our multiclient library has significantly
improved the last few months and we expect significant cash flow from this asset
going forward.
 
Following the sale of the node on a rope business, Carbon Transition will be a
company with low cash burn and financial investments in attractive businesses.
The sale will allow the company to fully focus on maximizing returns from the
attractive multiclient library in tandem with growing its presence in the energy
transition space.   
The transaction with Magseis Fairfield is structured based on an earnout model.
Carbon Transition will receive USD 0.5 million at closing and will additionally
receive earnout payments over a three-year period conditioned on the utilization
of the equipment acquired. The earnout payments are capped at a maximum of USD
12.0 million and have a minimum payment clause of USD 1.5 million, subject to
certain milestones.

The completion of the transaction remains subject to customary closing
conditions which is expected to be lifted by 31 March 2022. 

SpareBank 1 Markets acted as M&A advisor to Carbon Transition ASA.

For further information, please contact:

Nils Haugestad, Interim CEO & CFO
nils.haugestad@carbn.no
+47 977 04 439


About Carbon Transition ASA 

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 the "energy transition" space. CARBN has a legacy seismic
business operating under the name Axxis Geo Solutions, with both an ocean-bottom
seismic contract business and a multi-client data library.

More information on www.carbn.no