Inactive Instrument

Magseis Fairfield ASA

MSEIS

NO0010663669

Oil Related Services and Equipment

Magseis Fairfield discloses mediation process.

January 11, 2022 at 10:32 am EST

(Oslo, 11 January 2022) Magseis Fairfield ASA today discloses an ongoing
mediation process between Magseis Fairfield ASA and Fairfield Industries Inc.
regarding certain contractual claims between the parties. The first notification
regarding a potential claim was sent by Magseis Fairfield to Fairfield
Industries Inc. in March 2019. While the process has progressed to mediation
since then, no certainty can be given to the outcome of the mediation process
nor the timing of any such outcome.

On 30 October 2018 Magseis ASA entered into a transaction agreement for the
purchase of all the shares in Fairfield Industries International Limited and all
membership interests in Fairfield Seismic Technologies LLC from Fairfield
Industries Inc. The transaction was completed on 18 December 2018.

The mediation process 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.

Magseis Fairfield will provide further information about the mediation process
when relevant, including with respect to any material developments in such
process. The last mediation hearing that was scheduled for October 2021 has
repeatedly been postponed due to covid-19 travel restrictions and is now
scheduled for March 2022.

"This announcement is a response to questions received by Magseis Fairfield ASA
and an attempt to avoid unnecessary speculations. The company's management and
board are pursuing the company's interests in this case, although the possible
outcome of the mediation process remains uncertain. Meanwhile, our main focus
remains on the continuing operational and financial success of Magseis Fairfield
in an improving market for OBN seismic services.", says Carel Hooijkaas, CEO of
Magseis Fairfield.

	
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

---

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.

Click here for more information

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Magseis Fairfield ASA is a Norway-based global 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 whole Group is managed as one segment, being geophysical surveys with respect to products and services. Magseis Fairfield ASA's services include technology lease and sale, the offering comprises nodes for any environment, any challenge, any depth, land or sea, and back up the Company's technology with unparalleled expertise. Magseis Fairfield ASA has numerous subsidiaries, such as Magseis Fairfield Industries International Ltd, Magseis Singapore Services Pte Ltd, Magseis Renewables AS and Magseis Malaysia Sdn Bhd.

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