Oslo, 5 September 2022

Carbon Transition has made an investment of USD 1.75 million in a private
placement of common shares in Dolphin Drilling AS. Dolphin Drilling is a rig
company with several harsh environment semisubmersible drilling rigs. Dolphin
Drilling is targeting to list its shares on Euronext Growth and expects to have
its shares traded on or about 13 September 2022. See press release:
https://newsweb.oslobors.no/message/570482 for further information about Dolphin
Drilling and the transaction.

Reference is made to the press release of 25 August 2022. Carbon Transition's
new board of directors has decided to amend the company's strategy. Under the
revised strategy, Carbon Transition will expand its investment focus into new
areas in addition to its previously announced strategic targets. Going forward,
Carbon Transition will also invest in other industrial sectors in listed
companies as well as companies expected to be listed in the near term. This
strategic shift has been made to optimize the company's ability to generate
attractive investment returns through the business cycle and capitalize on the
company's core strengths.

Note that Carbon Transition's largest investment and asset on its balance sheet
is a significant OBN multi-client library, with surveys in the Utsira area in
the Norwegian North Sea and the Gulf of Suez in Egypt. The company expects to
see significant sales from this library going forward.

For further information, please contact:
Nils Haugestad, Interim CEO and CFO
nils.haugestad@carbn.no
+47 977 04 439

About Carbon Transition 
Carbon Transition ASA ("CARBN") is an investment company listed on Euronext
Expand. CARBN has a strategy to invest in companies and technologies which
contribute to significant reductions of carbon emissions. The company may also
invest more broadly in other industries in listed companies as well as companies
expected to be listed in the near term. CARBN has a legacy seismic business
operating under the name Axxis Geo Solutions, with a multi-client data library.

More information on www.carbn.no

This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.