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Carbon Transition är ett norskt investmentbolag som investerar i teknologier som minskar koldioxidutsläpp. Bolaget strategi är att nyttja investeringsmöjligheter på marknaden genom att aktivt vara en långsiktig ägare och fokusera på investeringar som skapar värde åt bolagets aktieägare. Bolaget grundades 2016 och har sitt huvudkontor i Oslo.
2022-12-13 13:24:38
Oslo, 13 December 2022

Carbon Transition (under its subsidiary Axxis Multi Client) today announces an
agreement with CGG to reprocess the Utsira ocean bottom node (OBN) seismic
survey in the Norwegian North Sea. The reprocessing project has significant
industry support and leverages strong demand for high-definition seismic imaging
in this highly prospective area.

"We are excited about developing the next generation ocean bottom node data in
this mature and prolific petroleum basin. Together with CGG, as the leading
technology provider in OBN processing, we will deliver a product that will
significantly improve imaging of the area. We are confident that this new
product will maximize our clients' prospects for making new discoveries as well
as optimizing existing production," says Nils Haugestad, interim CEO of Carbon

CGG will reprocess the Utsira survey, which is the largest ultra-high resolution
OBN survey conducted in the North Sea and covers approximately 2,000 square
kilometers. The reprocessing will apply CGG's latest advances in OBN processing
and imaging technology, including time-lag full-waveform inversion technology.
This will significantly improve the velocity model, overall image resolution and
frequency content for fault interpretation and reservoir characterization
workflows. The reprocessed product will substantially advance the Utsira OBN
survey and better assist clients with existing petroleum production and
reservoir management. Scheduled to start in December 2022, the project will
deliver a priority area in the third quarter of 2023 and final data for the
complete survey in 2024.

"The agreement recognizes CGG's ability to provide superior OBN imaging results.
This was recently demonstrated by the significant uplift in quality that we
achieved on a proprietary reprocessing of a sub-set of the Utsira Survey. The
result was so well received that the clients decided to commit to reprocessing
of the complete survey. We are delighted to partner with Carbon Transition to
expand our multi-client footprint and deliver a dataset that will be of
significant value for production, development, and further near-field
exploration in a prolific area of the North Sea," says Dechun Lin, EVP, Earth
Data, CGG.

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.

For further information, please contact:
Nils Haugestad, interim CEO and CFO
+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.

About CGG | www.cgg.com
CGG is a global technology and HPC leader that provides data, products, services
and solutions in Earth science, data science, sensing and monitoring. Our unique
portfolio supports our clients in efficiently and responsibly solving complex
digital, energy transition, natural resource, environmental, and infrastructure
challenges for a more sustainable future. CGG employs around 3,300 people
worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).

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