On 16 April 2019, Songa Bulk and Axxis Geo Solutions (AGS) entered into a joint merger plan. The
exchange ratio in the merger is based on an equity value of Songa Bulk of NOK 18 million and an equity
value of AGS of NOK 515 million. Following completion of the merger, AGS will constitute 96.6% of the
combined company, implying that the combined entity will for all practical reasons be transformed into a pure
play ocean bottom node seismic company. Songa Bulk proposes to change its name to Axxis Geo Solutions
ASA upon completion of the Merger. The completion of the merger is expected to take place in June 2019
(subject to conditions set for the merger being fulfilled).
About Axxis Geo Solutions AS
AGS is a leading pure play ocean bottom node seismic company uniquely positioned to pursue both contract
and multiclient seismic. The company specializes on delivering tailored seismic solutions and flexible handson
project management and execution. Its operation is based on a scalable asset light strategy through
chartering of vessels and nodes to complete seismic surveys. The management of the Company has
completed more than 100 seismic acquisition projects in more than 20 countries totalling in excess of USD
1bn in revenues over the last 10 years.