Lysaker, 25 August 2021

CEO STATEMENT
"This quarter marked the completion of the restructuring and a new chapter in
the transformation of the Company. Following the approval of the reconstruction
proposal and the private placement in late April, the Company announced its new
strategic direction. The "new" company, Carbon Transition ASA, will have a focus
on investing in businesses and technologies which will contribute to the
reduction of carbon emissions. We think there is a unique opportunity to invest
in several companies which have the potential to become long term winners in the
energy transition space. Through a unique access to deal flow and careful
selection, Carbon Transition ASA expects to generate substantial and tangible
shareholder values.

Subsequently we made our first investment in the carbon transition space in
early July. The Company invested NOK 30 million into a convertible loan in
Arbaflame AS. Arbaflame is a highly promising company with a proven technology
and substantial backlog for their bio waste-based coal replacement fuel
solution. Coupled with a truly global potential, strong shareholder base and
Management/Board, the Company is confident that Arbaflame will be able to
execute on its substantial growth plans in a profitable manner. 

The Company is currently evaluating several other interesting investment
opportunities within relevant sectors and expect to announce new investment(s)
within a relatively short time frame. Given the improved balance sheet following
the reconstruction, the Company has the capacity to undertake further
investments without raising capital.

Activities in the Company's legacy Ocean Bottom Node (OBN) operations as well as
the Data Library (DL) business continued during the quarter. In line with our
asset light business model, the Company divested its seismic source vessel
together with related seismic equipment. For the previously announced OBN
project in the North Sea, we chartered a state-of-the-art source vessel which
started mobilization at the end of the quarter. The survey was subsequently
completed without incidents, on schedule and on budget, further confirming the
viability of our project-based and asset-light approach. 

Going forward, the Company will continue to refine its low fixed-cost strategy.
Over time, OBN acquisition contracts and DL late sales are expected to generate
revenues to finance the Company's new investment strategy. 

The seismic market remains challenging as the effects of the COVID-19 pandemic
persist. We see limited remaining OBN contract opportunities for this year but
at the same time we see an increased demand for seismic projects to be
undertaken in 2022. As a consequence, we have reverted to a low-cost mode while
maintaining our tendering and project planning capabilities. In parallel, we are
evaluating strategic alternatives for this business. In the multi-client
segment, we see continued interest in the Utsira OBN data survey. There are
several ongoing discussions with potential clients and a positive outlook for
late sales in the second half of 2021," says Ronny Bøhn, CEO of Carbon
Transition.  

EVENTS DURING THE QUARTER
o Approval of reconstruction proposal and issuance of USD 17.4 million equity
private placement
o Sale of vessel "Neptune Naiad" and associated equipment
o Election of new board of directors 
o Mobilization of North Sea project

SUBSEQUENT EVENTS
o Change of Company name to Carbon Transition ASA and ticker symbol to CARBN
o Announcement of new strategic direction
o First investment made under new strategy - NOK 30m convertible note in
(Arbaflame AS)
o NOK 20 million repair offering substantially oversubscribed
o North Sea project successfully completed - on time and on budget

A pre-recorded presentation of the results featuring CEO Ronny Bøhn and CFO Nils
Haugestad is released at www.axxisgeo.com.

The second quarter 2021 report and presentation will be available at Carbon
Transition ASA (www.axxisgeo.com) and Oslo Stock Exchange (www.newsweb.com). 

For further information, please contact
Ronny Bøhn, CEO
Ronny.Bohn@axxisgeo.com
+47 905 58 517

Nils Haugestad, CFO
Nils.Haugestad@axxisgeo.com
+47 977 04 439

About Carbon Transition
Carbon Transition ASA ("CT") is an investment company listed on EURONEXT EXPAND
OSLO. 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. Carbon Transition ASA is listed on EURONEXT EXPAND OSLO and
traded under the ticker Carbn. 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.