Oslo, 31 May 2022

Carbon Transition is pleased to announce that the company has entered into a new
USD 1.8 million (net to Carbon Transition) multi-client seismic data licensing
contract with an undisclosed customer. Under the contract, the customer will
license certain data from Carbon Transition's Utsira multi-client survey in
Norway. 

As previously communicated, Carbon Transition became debt free after the license
sale reported 16 March 2022. With the company's financial indebtedness fully
repaid, the proceeds from this late sale will represent a net cash contribution
of USD 1.8 million to Carbon Transition. Late sales from Q4 2021 through today
totals USD 8.7 million.

The significant increase in oil and gas prices has further solidified the
expected value of the company's multi-client library. The oil industry's focus
on improved oil recovery and infrastructure-led exploration are going to remain
key drivers and our multi-client library fits well with this trend. 
 
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 the "energy transition" space. 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.