Magseis Fairfield mediation set to move on to arbitration

February 18, 2022

(Oslo, 18 February 2022) Reference is made to the announcement made on the 11th of January 2022, where Magseis Fairfield announced an ongoing mediation process between Magseis Fairfield ASA and Fairfield Industries Inc. Preparatory discussions between the parties, ahead of the final mediation meeting, have revealed that there is no common ground upon which to reach a mediated solution to the contractual claims between the parties.

The final mediation hearing that was scheduled for March 2022 has been cancelled and the dispute between the parties is thereby to be solved by arbitration in accordance with the parties' contract. Magseis Fairfield will provide further information about the arbitration process when relevant, including with respect to any material developments in such process.

Magseis Fairfield’s claims relates to a project in the Middle East that represented a major part of Fairfield Seismic Technologies’ project backlog at the time of the transaction.

For further information, please contact:

André Bjørvik, SVP Corporate Communication
Tel: +47 907 42 746
Email: andre.bjorvik@magseisfairfield.com

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

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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.

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