Oslo, 16 March 2022
Carbon Transition ASA is pleased to announce that the company has entered into a
new USD 1.4 million (net to Carbon Transition) multi-client seismic data
licensing contract with an undisclosed customer. Under the contract, the
customer will license certain data from Carbon Transition's Utsira multi-client
survey in Norway. This follows total Utsira net multi-client license sales of
USD 5.5 million (net to Carbon Transition) announced in the fourth quarter of
2021. Thus, in total USD 6.9 million (net to Carbon Transition) in multi-client
sales has been received by the company since the fourth quarter of 2021.
As evident through these recently announced multi-client sales to several
parties, the market for our multi-client library has significantly improved over
the last few months and we expect significant cash flow from multi-client sales
In connection with this multi-client late sale, Carbon Transition will repay its
outstanding USD 0.9 million loan balance. As a result, the company will have no
remaining financial indebtedness and cash balances will be increased by
approximately USD 0.5 million. This is a significant milestone for the company
after its financial restructuring of 2021, and has taken place well ahead of the
expected timeframe. Furthermore, this removes restrictions on paying dividends
and share buybacks which were not allowed previously under the loan agreement.
For further information, please contact:
Nils Haugestad, Interim CEO & CFO
+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
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.