Carbon Transition : 2022 Q4 Carbon Transition Earnings presentation

Carbon Transition

Q4 2022

22 February 2023

Disclaimer

• The information in this presentation has been prepared by Carbon Transition ASA (the "Company"). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions:
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Quarterly highlights

• Fair value of multi-client library USD 37.5 million

• 1. Includes second write-up of Utsira survey of USD 7.0 million
  1. Total multi-clientwrite-upsyear-to-date of USD 12.6 million
• Announced reprocessing of the Utsira survey, backed by the major operators in the area
• USD 2.5 million Utsira late sale (net to Carbon Transition) with significant additional future revenues based on agreed trigger events
• 1. Subsequent to quarter end, reported USD 0.5 million Utsira late sale
• Non-cashUSD 4.3 million write-down of investment portfolio
• 1. Write-downof Britishvolt investment primary contributor

• 1. Invested USD 1.7 million (NOK 15.2 million)
• Cash earnings of USD 1.9 million for the quarter
• Available liquid funds of USD 11.2 million*
• Net asset value NOK 2.00 per share

* Bank deposits, trade receivable and marketable securities

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Revised strategy around attractive multi-client library

Maximizing value of seismic operations

• State of the art multi-client library, targeting near-field exploration and production optimization

• 1. Utsira (Norway) survey processed 2020; reprocessing 2023/2024
  1. Gulf of Suez (Egypt) survey processed 2022
• Asset-saleagreement with Magseis Fairfield for node deployment equipment
• 1. Up to USD 12.0 million revenue share; floor payment USD 1.5 million
  1. Improving market outlook
• Low-costoperation
• Revised strategy
• 1. Generate revenues from seismic assets

1. Invest in listed companies and companies expected to list in near term

o Risk and return criteria as well as approval process by board

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Seismic market observations

Significant improvement in market conditions

• Current oil and gas prices are highly supportive for our multi-client business in Norway and Egypt
• The re-opening of China and the restrictions on Russian exports creates a supportive backdrop for the oil and gas prices in 2023

• 1. Increased focus on energy security also drives industry investment
• Major oil companies announcing increased spending in 2023 over recent years, and the Middle East is currently seeing record investments
• As a consequence of the above, we have recently experienced shorter sales cycles, achieved higher prices of seismic data sold and a stronger pipeline going into 2023

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