Axxis Geo : AGS announces first quarter 2020 results

Lysaker, 27 May 2020 

HIGHLIGHTS Q1 2020
o In production on the OBN survey in the Middle East 
o Completed the Brazil source operation campaign with Neptune Naiad 
o Delivery of milestone Northern Utsira OBN project data in the North Sea
o Received LOI from Equinor for a North Sea contract in February, signed final
agreement in May 2020
 
SUBSEQUENT EVENTS
o Completed OBN survey in the Middle East  
o Appointments of new CFO and CCO
o Received LOI for extension in the North Sea for Equinor

CEO STATEMENT
"As we entered 2020, we were faced with a global pandemic and low oil price in
part driven by OPEC but amplified due to the reduced need for oil and gas caused
by the pandemic. Our people and their safety is our top priority. It is a credit
to our dedicated team of professionals that our operations during Q1 were
uninterrupted while dealing with daily changes due to the pandemic. 

We have seen projects being delayed rather than cancelled, and we believe we are
well positioned for growth as the market returns. Our focus is on operational
excellence and to address areas which already have known hydrocarbon potential
rather than pure exploration areas which are hit hardest during times of capital
conservation.

Due to strong operational performance by our dedicated crews despite a difficult
environment, we report our highest revenue quarter with strong margins. We look
forward to navigate through the remainder of 2020 and to position ourselves to
take advantage of the market in 2021" says Lee Parker, CEO of Axxis Geo
Solutions.

A pre-recorded presentation of the Q1 2020 results by CEO Lee Parker and CFO
Nils Haugestad can be found at
https://www.axxisgeo.com/investor/quarterly-results or at this web address:
https://vimeo.com/422874132/180bcba02b

The first quarter 2020 report and presentation is available at Axxis Geo
Solutions ASA (www.axxisgeo.com) and Oslo Stock Exchange (www.newsweb.com). 

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

Contacts
Lee Parker, CEO
[e-mail]
[phone]

Nils Haugestad, CFO
[e-mail]
[phone]


About AGS
Axxis Geo Solutions (AGS) is a pure-play ocean bottom node seismic company
uniquely positioned to pursue both contract and multi-client seismic. AGS
specializes on delivering tailored seismic solutions and flexible project
management and execution to oil and gas companies world-wide. Its operations are
based on a scalable asset-light setup through chartering of vessels and nodes to
complete seismic surveys.
AGS is listed on Oslo Axess and traded under the ticker AGS.
More information on www.axxisgeo.com

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© Oslo Bors ASA, source Oslo Stock Exchange