Fjord Defence Group ASA

“With a sustained high oil price (in the range $75-85 per barrel of oil equivalent), it is expected that near-field exploration will continue to be considered highly attractive for the E&P companies. Aquila expects the investment in exploration and development in our core areas to be durable and reinforced by the attractive long-term demand outlook.”

Annual report 2024A · The company itself

“* Revenue, cost of sales, SG&A ** Bank deposits, net trade receivable, marketable securities *** Net asset value per share; total assets – total liabilities divided by number of shares Risk management and internal control Aquila’s activities are dependent on the capital spending budgets of E&P companies in the oil and gas industry. These budgets are, in turn, largely a function of actual and/or expected shifts in oil and gas prices. Consequently, Aquila’s activities, opportunities and profitability are linked to fluctuations in these prices.”

Annual report 2024A · The company itself

“Global demand for oil and gas is forecasted to continue to grow. This will support additional exploration activity, both as it relates to near-eld optimization, but also with respect to new prospects.”

Annual report 2024A · The company itself

“The multi-client library is the Group’s largest asset. The surveys in the library are subject to commercial risk. At times, Aquila will have to impair the values of the surveys if the future licensing potential diminishes because of market conditions, regulatory changes, lack of exploration success in the relevant area, changes in customers’ strategic priorities, etc.”

Annual report 2024A · The company itself

“The Group’s multi-client data is targeting near-field exploration, where production infrastructure is in place and where E&P companies need high-quality seismic data to unlock existing and new resources. In these production fields, oil and gas can be developed with lower cost, environmental impact and emissions.”

Annual report 2024A · The company itself

“The seismic multi-client data business model is frequently the preferred way to access seismic data for petroleum exploration and production (E&P) companies. The seismic data is licensed by E&P companies to assist in the discovery and development of petroleum resources.”

Annual report 2024A · The company itself

“* Revenue, cost of sales, SG&A ** Bank deposits, net trade receivable, marketable securities *** Net asset value per share; total assets – total liabilities divided by number of shares Risk management and internal control Aquila’s activities are dependent on the capital spending budgets of E&P companies in the oil and gas industry. These budgets are, in turn, largely a function of actual and/or expected shifts in oil and gas prices. Consequently, Aquila’s activities, opportunities and profitability are linked to fluctuations in these prices.”

Annual report 2024A · The company itself

“Global demand for oil and gas is forecasted to continue to grow. This will support additional exploration activity, both as it relates to near-eld optimization, but also with respect to new prospects.”

Annual report 2024A · The company itself

“The Group’s multi-client data is targeting near-field exploration, where production infrastructure is in place and where E&P companies need high-quality seismic data to unlock existing and new resources. In these production fields, oil and gas can be developed with lower cost, environmental impact and emissions.”

Annual report 2024A · The company itself

“The seismic multi-client data business model is frequently the preferred way to access seismic data for petroleum exploration and production (E&P) companies. The seismic data is licensed by E&P companies to assist in the discovery and development of petroleum resources.”

Annual report 2024A · The company itself

“The Group is also exposed to capital markets developments resulting in fluctuations in the market values of investments in shares and non-listed shares.”

Annual report 2024A · The company itself

“The E&P sector has been consolidating in recent years, yielding revenues in the form of transfer fees from acquiring companies. Going forward, we expect to see both more M&A activity among our clients, but we also expect new actors to form and enter the North Sea market.”

Annual report 2024A · The company itself

“The Group's multi-client business relies on a period of exclusivity in controlling the distribution of the acquired data through licenses to customers. The exclusivity period granted by local authorities is typically 10 years. Any change in the duration of such exclusivity may have a negative impact on the Company's revenues and may cause impairment of remaining book values.”

Annual report 2024A · The company itself

“The Group is exposed to risk associated with cybersecurity.”

Annual report 2024A · The company itself