Oslo, 17 January 2022

Carbon Transition (through its fully owned subsidiary Axxis Multi Client AS)
today announces a USD 0.5 million (net to Carbon Transition) multi-client
seismic data licensing contract with a new customer. Under the contract, the
customer will license Carbon Transition's Utsira multi-client survey in Norway.
The revenue will be recognized in the first quarter of 2023. 

We are encouraged by the positive momentum in the multi-client market. A steady
growth in the number of clients licensing the Utsira data increases the market
for the reprocessed upgrade-product we announced 13 December 2022. The
reprocessed data will be an additional product only available to customers who
have already acquired the underlying data. We believe the quality of the
reprocessed product will improve late sales from the original data set and will
result in significant additional late sales from the reprocessed data.

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

About Carbon Transition | www.carbn.no
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.

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