Miami, Fl, July 11, 2021

On Friday, July 9, 2021, Atlantic Sapphire Denmark A/S, a wholly-owned
subsidiary of Atlantic Sapphire ASA (the "Company" or "Atlantic Sapphire"), had
an incident in one of its saltwater growout systems. The other growout system in
the Denmark facility was unaffected. 

The Company's preliminary analysis, which remains subject to change, indicates
that maintenance work performed in the filtration system caused water quality to
quickly deteriorate, resulting in elevated mortality. 

Atlantic Sapphire is continuously improving its operating procedures to ensure
that all actions taken by the farm operators do not pose a risk to the stability
of the systems, therefore impacting the fish. However, human error altered the
water levels in the RAS system and allowed previously stagnant water to flow
into the tanks. To minimize the risk of a similar incident reoccurring, the
Company has updated certain operating procedures and such changes will take
effect immediately. 

Further, the system in question had a larger standing biomass than the growout
systems in the US (split in two). The Denmark facility had not been split in
two, because this modification was not practically possible with the farm fully
stocked with fish. Now this modification is possible and will be performed,
which will reduce the impact of future mortality events in a system. 

Approximately 400 tons (HOG) of fish is expected to be lost, equivalent of
around 17% of annualized harvest volumes from the Denmark facility at steady
state production. The fish would have been harvestable in H2 2021. The direct
financial impact of the incident after expected insurance proceeds is estimated
to USD 3 million.

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

investorrelations@atlanticsapphire.com

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 has secured the key US water permits to produce up to 90,000
tons onsite, and has a targeted harvest volume in 2031 of 220,000 tons.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange