Miami, FL, May 10, 2022

With reference to previous stock exchange announcements, Atlantic Sapphire ASA
(the "Company" or "Atlantic Sapphire") today announces that the insurance
settlement after the fire in the Company's plant in Denmark on September 15,
2021, has been successfully concluded. The Company has agreed on a cash
settlement of DKK 180 million. 

The book value at the time of the fire was DKK210m (approximately USD33m at the
exchange rate in September 2021) and the insurance process has identified
approximately DKK30m of buildings and equipment that was undamaged by the fire.
In addition, the Company has permits, a long-term land lease and a tax loss

The Company is free to decide how the insurance proceeds are to be used. The
board has decided that the settlement proceeds are to be allocated to US
operations and construction.

In the meantime, the board will continue to review the Company's strategy for
its Danish operations. 

Atlantic Sapphire's core business is expanding production in the US where the
Company sees the highest return on investment. The Company has now ensured
stable operations in the US and is in the middle of a significant expansion of
the production capacity. 

The current situation in the world further emphasizes the importance of short
and lean value chains. In the US, the Company is perfectly positioned to
leverage this. The US is currently importing approximately 98% of its
consumption of Atlantic salmon and the Company believes there will be an
increasing focus and preference for domestically produced food in the years

For further information, please contact:

Johan E. Andreassen 
Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC; 

Karl Øystein Øyehaug 
Managing Director, Atlantic Sapphire ASA, and Chief Financing Officer, Atlantic
Sapphire USA LLC

About Atlantic Sapphire ASA 
Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming,
locally, and transforming protein production, globally. Atlantic Sapphire has
been operating its innovation center in Denmark since 2011 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 has identified and obtained the requisite permits to
construct its Bluehouse® in the ideal location in Homestead, Florida, just south
of Miami. The Company has completed Phase 1 construction, 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 targeted
harvest volume in 2031 of 220,000 tons.

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© Oslo Bors ASA, source Oslo Stock Exchange