Oslo, Norway - 4 November 2024

Aquila Holdings ASA and its partners, Viridien and TGS, are pleased to announce
the completion and delivery of the reprocessing of the Utsira ocean bottom node
(OBN) seismic survey in the Norwegian North Sea. The reprocessing project has
received significant industry support and leverages strong demand for
high-definition seismic imaging in this highly prospective area.

Utsira is the largest OBN survey conducted on the Norwegian Continental Shelf
and required the deployment of more than 144,000 nodes and over 5.5 million
shots. Covering an area of 2077 square kilometers in a mature part of the North
Sea, the survey was acquired in 2018 and 2019, and the initial processing
results delivered in 2020. 

Viridien reprocessed the resulting data set with its latest OBN imaging
technologies, including time-lag full-waveform inversion, and advanced velocity
model building techniques, to yield significant improvements in image resolution
and frequency content for fault interpretation and reservoir characterization
workflows. 

The Utsira area holds several significant oil and gas fields, including Edvard
Grieg, Ivar Aasen, Balder, Gina Krog, Gudrun and Johan Sverdrup, along with a
number of undeveloped discoveries and prospects.

Dechun Lin, EVP, Earth Data, Viridien, said: "As the world's leading OBN seismic
imaging company, we are delighted to have been able to bring our technology and
expertise to this major OBN reprocessing project undertaken together with our
partners, Aquila Holdings and TGS.  The new time-lag FWI model and resulting
high-resolution images improve fault interpretation and reservoir
characterization in the area for better informed production and reservoir
management decisions."

Kristian Zahl, SVP of Aquila Holdings, said: "We are pleased to have partnered
with Viridien and TGS to develop this next generation ocean bottom node data set
in this mature and prolific petroleum basin. We are confident that our
significantly improved image of the area will maximize our clients' prospects
for making new discoveries as well as optimizing existing production."

David Hajovsky, Executive Vice President of Multi-Client at TGS commented,
"Through the reprocessing of this OBN data, TGS, in collaboration with Viridien
and Aquila Holdings, can equip our clients with the resources to unlock the full
potential of this well-established and highly productive petroleum basin.
Whether through uncovering new reserves or optimizing current operations, this
data offers valuable insights that will greatly enhance understanding of the
region."