Oslo, 22 December 2022
Carbon Transition is pleased to announce that the company has entered into a new
USD 2.5 million (net to Carbon Transition) multi-client seismic data licensing
contract with an existing customer. The agreement includes significant
additional uplift revenues relating to set milestones. The uplifts will be
recognized as late sales revenue when the milestones occur. Under the contract,
the customer will license Carbon Transition's Utsira multi-client survey in
Norway.
Carbon Transition specializes in multi-client data for near-field exploration,
where production infrastructure is in place and where E&P companies need high
quality seismic data to unlock existing potential. In these areas, natural
resources can be extracted at low cost and with low environmental impact and
emissions.
The significant increase in oil and gas prices and the growing focus on energy
security has solidified the expected value of Carbon Transition's multi-client
library.
For further information, please contact:
Nils Haugestad, Interim CEO & CFO
nils.haugestad@carbn.no
+47 977 04 439
About Carbon Transition ASA
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.