Ann: Half Yearly Report and Accounts, page-8

Group EBITDA for the half-year ended 31 December 2020 is up 320% to $13.5m compared to prior half-year Group EBITDA of $3.2m. In ANZ,
EBITDA is up 33% to $13.6m compared to prior half-year EBITDA of $10.3m, mainly driven by growing revenue on top of a relatively stable cost
base. In NA, EBITDA is up 99% to ($0.1m) compared to prior year half-year EBITDA of ($7.1m). The increase in revenue was coupled with a
decrease of $2.0m in net expenses, largely driven by a reduction in non-capitalised capture costs and general and administrative costs. The lower
non-capitalised capture costs reflect efficiencies to the capture program and the overall survey operations program in the first part of the halfyear, while the lower general and administrative costs are partly due to the on-going travel restrictions in place throughout the Group

GOLD