Axxis Geo Solutions ASA

05/07/2021 | Press release | Distributed by Public on 05/07/2021 08:34

Axxis Geo Solutions announces agreement for sale of vessel and new charter agreement

Lysaker, 7 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. For further information, please contact: Nina Skage, member of the Board of Directors, [email protected], +47 915 38 890 Ronny Bøhn, CEO, [email protected] +47 905 58 517 Nils Haugestad, CFO, [email protected] +47 977 04 439 About Axxis Axxis Geo Solutions (Axxis) is a pure-play ocean bottom node seismic company uniquely positioned to pursue both contract and multi-client seismic. Axxis specializes on delivering tailored seismic solutions and flexible project management and execution to oil and gas companies world-wide. Its operations are based on a scalable asset-light setup through chartering of vessels and nodes to complete seismic surveys. Axxis is listed on EURONEXT EXPAND OSLO and traded under the ticker Axxis. 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.