Miami, FL, May 14, 2024

Atlantic Sapphire ASA (the "Company" or "Atlantic Sapphire") announces the
appointment of Pedro Courard as CEO. Mr. Courard will take on the role starting
August 1, 2024, and this marks the conclusion of an extensive search process
over the last half year.

Pedro Courard is an Industrial Engineer with a Master in Business
Administration. He has been involved in the salmon industry in Chile for over 25
years, holding different management positions, most of them related to
production and operation. During the last 15 years he has held management
positions in different companies; he was the Managing Director of Ocea Chile
(today Scale), Farming Director in Multi X and, since 2022, the Managing
Director of Cermaq Chile, Chile's second largest salmon producer. In Cermaq, Mr.
Courard has been part of the team that led the successful turnaround process of
Cermaq Chile, positioning the company as a top performer in the Chilean salmon
farming industry.

Founder and CEO Johan Andreassen said: "I am very pleased that after a long and
thorough process Pedro Courard has been selected as my successor. Pedro has a
strong operational track record from the Chilean salmon industry and I am
convinced that he will be a good match to lead the Miami operations and take the
Company to operational excellence in Phase 1 and beyond. The strategic position
of Atlantic Sapphire is stronger today than ever, being the sole land-based
salmon producer at scale in the vast and growing US market with a unique
location that enables the Company to grow its production to unmatched scale,
sustainably."

Johan Andreassen will remain in the CEO role until Mr. Courard has relocated to
Florida and will also stay in the Company for a period thereafter to secure a
seamless transition.

Pedro Courard commented: "I am extremely excited and I feel honored to have been
selected to lead the next steps of the largest land-based production project in
the world, with all the opportunities and challenges it involves for me on a
personal level. I'm convinced that land-based salmon farming has the potential
to disrupt the aquaculture industry and solve many of the challenges that global
protein production faces today."

Kenneth J. Andersen, Chairman of the Board of Atlantic Sapphire, said: "I am
pleased to welcome Pedro Courard as our new CEO. With his addition, our
management team is complete, and I believe it is the most experienced in the
land-based salmon farming industry. Pedro's expertise and leadership will be
crucial on our path towards operational excellence and profitability in our
current operations, as well as laying the ground for further growth
investments."

In order to optimally incentivize the new CEO, the Board of Directors intends to
grant Mr. Courard an option package that consists of 1,400,000 share options
(the equivalent of approximately 1.25% of the outstanding shares in the Company
following the proposed reverse share split) with a four-year vesting period, the
first quarter of the package vesting upon grant and then annually thereafter.
The strike price will be calculated based on the average closing share price of
the Company over the next five trading days plus a 25% premium. This option
grant is subject to the proposed renewal of the general share option plan being
approved in the upcoming annual general meeting on May 23, 2024.

For further information, please contact: 

Johan E. Andreassen, CEO; 

or 

Karl Øystein Øyehaug, CFO 

investorrelations@atlanticsapphire.com

This information is published in accordance with the requirements of the
Continuing Obligations. 

About Atlantic Sapphire ASA 
Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming,
locally, and transforming protein production, globally. Atlantic Sapphire
operated its innovation center in Denmark from 2011 until 2021 with a strong
focus on R&D and innovation to equip the Company with the technology and
procedures that enable the Company to commercially scale up production in end
markets close to the consumer. 

In the US, the Company holds the requisite permits and patents to construct its
Bluehouse® in an ideal location in Homestead, Florida, just south of Miami. The
Company's Phase 1 facility is in operation, which provides the capacity to
harvest approximately 10,000 tons (HOG) of salmon annually. The Company
completed its first commercial harvest in the US in September 2020. Atlantic
Sapphire is currently constructing its Phase 2 expansion, which will bring total
annual production capacity to 25,000 tons, and has a long-term targeted harvest
volume of 220,000 tons.

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