Magseis Fairfield announces CFO transition

August 31, 2021

(Oslo, Norway, 31 August 2021) Magseis Fairfield, the global leading provider of ocean bottom seismic (OBS) technology and data acquisition projects, today announces a Chief Financial Officer (CFO) transition plan with current CFO Mark Ivin handing over the role to Stig Hognestad with effect from 1 December 2021.

“Over the last two years, the board and leadership team have completed a successful and necessary turnaround of Magseis Fairfield and positioned the company for growth within both existing markets and the emerging renewables segment. A streamlined Magseis Fairfield now sees signs of market improvement and new and exciting business opportunities. The timing is right to form a management team designed to deliver on our long-term operational strategy, and the CFO transition plan is a part of that” says Carel Hooijkaas, CEO of Magseis Fairfield.

“Mark has been essential in the successful financial turnaround and organizational restructuring of Magseis Fairfield over the past two years. He has made decisive contributions in a difficult market and operational environment also considering the challenging phase for the company during the
pandemic. Mark will be handing over a company in good shape and sound financial standing, and the Board and I would like to thank him for his strong contributions”, Carel Hooijkaas says.

“In 2019, it was clear that Magseis Fairfield was in need of improvements, and a turn-around case was a task I was eager to take on and glad to be offered. I truly appreciate the time at Magseis Fairfield together with the strong team and our solid partners, where we have had the chance to drive change and set the company up for a successful next chapter. Backed by an improving backlog and strengthened 2022 outlook, I look forward to seeing the company deliver on the foundation that has been laid. I will spend the next months ensuring continued performance and a smooth handover of the CFO position”, says Mark Ivin.

Stig Hognestad holds an MBA from the University of Edinburgh Business School, Herriot-Watt University, a B.Sc. in Business Administration - Finance from Kansas State University, Manhattan, Kansas, and a B.A. (Cand. Mag.) – Entrepreneurship from Rogaland University Centre, Stavanger, Norway. He brings a wealth of industry experience from Schlumberger, where he was Financial
Controller and in Operations Management in WesternGeco from 1994–2007. More recently, Stig was CFO and CEO for Ziebel until 2015 and CFO for Acona Group until 2016, and he joins Magseis Fairfield from the position as CEO for IKM Acona Group.

“I am pleased to welcome Stig to our leadership team as we enter a new phase in our company development. Stig brings the experience, industry knowledge and capabilities required to further grow our existing business and support the development of our new renewables segment”, Carel Hooijkaas says.

“I look forward to joining Magseis Fairfield and get to know the team, customers and partners. I am excited to join a company with technology leadership and a business model that will be relevant across all parts of the energy transition” says Stig Hognestad, Magseis Fairfield’s new CFO effective 1 December 2021.

For further information, please contact:

Carel Hooijkaas, CEO
Tel: +47 480 49 277
Email: carel.hooijkaas@magseisfairfield.com

Mark Ivin, CFO
Tel: +47 94 88 86 06
Email: mark.ivin@magseisfairfield.com

---

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.

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