Monday 10 May 2021

Reference is made to the stock exchange announcement by Axxis Geo Solutions ASA ("Axxis" or the "Company") on 3 May 2021 concerning the decision by the District Court of Asker and Bærum to confirm the reconstruction proposal, which was approved by the required majority of Axxis' creditors on 29 April 2021.

The Company has today entered into an agreement with Sanco Holding AS ("Sanco") regarding the sale of the vessel "Neptune Naiad" including certain equipment, to Sanco (the "MOA"). Furthermore, Axxis Production AS, a wholly owned subsidiary of Axxis, has entered into a time charterparty for "Sanco Star" with Sanco for the chartering of the vessel (the "Charter Agreement") for use in connection with the contract with an international energy company for an Ocean Bottom Node (OBN) survey as disclosed in the stock exchange announcement on 30 November 2020.

Completion of the MOA and Charter Agreement are conditional upon, inter alia, the decision by the District Court of Asker and Bærum becoming legally binding.