Magseis Fairfield : We have completed our 100th OBN survey, and 1st Carbon neutral OBN survey

(Oslo/Houston, 28 May 2021) Magseis Fairfield has completed acquisition of its 100^th Ocean Bottom Node (OBN) survey, highlighting the company's unrivalled experience with this high-quality seismic technology.

The OBN survey for bp over various assets in the US Gulf of Mexico was announced in December last year and used Magseis Fairfield's ZXPLR node technology.

Magseis Fairfield has announced its strategy to become Carbon Neutral by 2040 or earlier. The strategy to achieve this, is through fundamental reductions in emissions using data and science & technology driven solutions, and only use offsetting for any final emissions which have not been reduced to zero.

Over the last year Magseis Fairfield has taken a wide range of actions to reduce emissions. This includes: Switching to low sulphur diesel fuel in Q3 2020, reducing overall SOx emissions by 87% on the crews which were operational at that time, and by rolling out Maress software in Q1 2021 on all vessels (https://www.yxney.com/services). This software allows us to accurately measure the remaining emissions, and then enables a science & technology-based approach to further reduce emissions.

While emissions from the vessels is a key contributor to our total emissions, our strategy is not limited to only this. Over the last year Magseis Fairfield has also taken specific actions to reduce waste streams, implement remote access, reuse and recycle, and support the clean ocean initiative.

All these actions and initiatives were fully implemented on the 100^th survey. Magseis Fairfield has committed to offsetting the remaining carbon emissions on this survey, therefore making this the first carbon neutral seismic survey ever acquired.

'We are very happy to announce a significant operational milestone for Magseis Fairfield, with the completion of our 100^th OBN survey. Being the first company to reach this milestone confirms our position as the leading global OBN provider, offering a high-quality service that remains in demand with our long-standing customers including bp', says CEO Carel Hooijkaas in Magseis Fairfield.

'OBN seismic data is key for our operations in Gulf of Mexico and continues to provide significant value when imaging our reservoirs, de-risking our drilling programs, and enabling a shift in performance through data driven development strategy. The joint commitment by bp and Magseis Fairfield to make this OBN seismic survey the first carbon neutral seismic survey is aligned with bp's ambition to become net zero by 2050 or sooner' says Peter Evans, Vice President Subsurface GoM and Canada at bp.'

For further information, please contact:

Mark Ivin, CFO
Tel: [phone]
Email: [e-mail]

Carel Hooijkaas, CEO
Tel: [phone]
Email: [e-mail]

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Magseis Fairfield is the global leading provider of ocean bottom seismic (OBS) technology and data acquisition projects. The company has a flexible business model with full scale node operations, as well as lease and sale models. The Marine Autonomous Seismic System 'MASS' nodes and the range of Z-nodes combined with handling systems and source technology enables market leading deployment speed and highly cost-efficient acquisition of data with exceptional quality.

The Company is headquartered in Oslo, Norway and has offices in US, Sweden, UK, Brazil and Singapore. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.