(Oslo/Houston, 12 March 2021) Magseis Fairfield hereby publish the Annual Report
for 2020. The report is available at www.newsweb.no and
www.magseisfairfield.com.

2020 was an important year for Magseis Fairfield. The company turn-around was
completed in a challenging market with revenue coming in at USD 193 million and
an EBITDA margin of 20% (excl. special items). This was achieved by:

 o Securing financial flexibility by executing a USD 30 million private
placement and a USD 33 million debt refinancing 

 o Reducing SG&A costs by ~60% and reduced capex by ~80% YoY

 o Replacing the operating model, with a restructured organization, improved
operational execution, and fully redesigned financial management and governance
of the company

 o Working closely with our customers and increasing backlog by 20% YoY to USD
198 million

The company also developed a five-year strategy covering existing and new
business areas. This provides the company with a very clear direction for 2021
and beyond including the entry into the renewables business.

The company is seeing signs of the market improving with increased tendering
activity for 2021 with projects in the Gulf of Mexico and the North Sea, with
potentially higher utilization of the node inventory than previously
anticipated.

Alternative performance measures used in this release are described in the
appendix to the Annual Report for 2020. 
 
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This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.	

For further information, please contact:

Mark Ivin, CFO 
Tel: +47 94 88 86 06 
Email: mark.ivin@magseisfairfield.com

Carel Hooijkaas, CEO
Tel: +47 48 04 92 77
Email: carel.hooijkaas@magseisfairfield.com

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Magseis Fairfield is the global leading provider of ocean bottom seismic (OBS)
technology and data acquisition projects. The company has a flexible business
model with full scale node operations, as well as lease and sale models. The
Marine Autonomous Seismic System "MASS" nodes and the range of Z-nodes combined
with handling systems and source technology enables market leading deployment
speed and highly cost-efficient acquisition of data with exceptional quality. 

The Company is headquartered in Oslo, Norway and has offices in US, Sweden, UK,
Brazil and Singapore.