Oslo, 29 February 2024

Aquila (through its subsidiary Axxis Multi Client) is pleased to announce its
extended collaboration with TGS for the Utsira multi-client library. Axxis and
TGS entered into a 50/50 JV on the original Utsira multi-client data set in 2018
and have since then jointly owned and marketed these multi-client data. 
In 2022, Axxis entered into an agreement to reprocess the Utsira data in
collaboration with CGG. In 2021, TGS developed, together with Earth Science
Analytics, its own artificial intelligence (AI/ML) geological interpretation
project over Utsira.

Both TGS and Axxis recognize the benefits of joining forces on these projects as
it will facilitate a more optimal sales effort. The parties have therefore
reached an agreement whereby TGS will take an ownership position in the CGG
reprocessing and Axxis will take an ownership stake in the AI/ML project.
Nils Haugestad, interim CEO of Aquila comments: "We are happy to extend our
relationship with TGS through this transaction and look forward to a continued
and strengthened partnership with them on the highly attractive Utsira project."


The transactions will not have an impact on Aquila's book value or its net asset
value per share.