Miami, FL, January 28, 2021

Atlantic Sapphire ASA (the "Company") announces plans to upsize its US 'phase 2'
expansion of the Miami Bluehouse®, increasing the annual production and harvest
volume of the combined phase 1 and 2 by approximately 18,500t RLW (15,000t HOG)
to 30,000t RLW (25,000t HOG). The first fish is expected to be stocked into the
new phase 2 facility in 2022, with increased harvest volumes starting in 2023.

Phase 2 will be integrated with phase 1 production, as the fish will hatch and
grow to smolt size in the existing phase 1 smolt facility, then be transferred
to phase 2 for the mid-cycle stage (0.3 - 3.0kg) before finally being moved into
the existing phase 1 grow-out tanks for the last stage of its life cycle. This
is advantageous, as the existing phase 1 has sufficient smolt, harvesting and
filleting capacity to support the full 25,000t HOG. Further, increased smolt
production while phase 2 is being constructed allows for rapid utilization of
the new phase 2 capacity, decreasing construction completion to harvest ramp-up
by approximately 10 months.

The phase 1 grow-out systems are designed for large fish (3-5kg), and the
Company will optimize production by stocking mid-sized fish with higher specific
growth rate (SGR) in tailor-made systems in phase 2. The ratio of filtration
capacity versus tank size will improve for the combined phase 1 and 2, allowing
for a higher JEA index (kg yield/m3 tank volume/day). Consequently, phase 2 will
be a less complex project as compared to phase 1 with a lower capex per kilo of
incremental production.

Phase 2 will include centralized functions for sludge treatment, maintenance and
energy, as part of the Grand Master Plan. These will be based on a modular
design that allows for rapid expansion in future phases, reduces operational
complexity and improves reliability.

The Company is currently working on the design, construction plan and budget for
the expansion and expects to announce more details in Q2 2021.

In connection with the revised US phase 2 buildout plan, the Company has
modified the commitments under its existing credit facility to better align with
its projected liquidity requirements for 2021, thereby reducing projected
financial costs associated with its debt financing. 

As part of the strategy to increase its access to lenders, the company has
syndicated a portion of its existing credit facility to Farm Credit. The Company
is planning to syndicate additional portions of the facilities once the final
budget and construction timeline for phase 2 is completed.

Johan E. Andreassen, Chairman of the Company, commented: "We're proud to get
Farm Credit in on the lender side together with DNB, supporting our current and
future growth ambitions. For Atlantic Sapphire, it is important to work with
banks that truly understand the business of producing sustainable, high-quality
proteins, and we believe there is no better team of industry experts than DNB
and Farm Credit to partner with us on that mission."

The Company's existing US$150 million credit facility has been increased to
US$200 million, which is comprised of a fully-drawn US$50 million term loan, a
US$ 20 million revolving credit facility and a US$ 32 million committed term
loan for phase 2 capital expenditures with a US$98 million uncommitted accordion
facility on the same terms and conditions as the Company's committed term loans.


Johan E. Andreassen further commented that "given the significant construction
and operational milestones reached in 2020, including consistent weekly harvest
of US premium Bluehouse Salmon® since September 2020, Atlantic Sapphire has
entered 2021 with a strong balance sheet and operational cash flow."

The senior secured debt facility is labelled green in line with the criteria
listed in the Company's Green Finance Framework, where the Company has received
a second party opinion from CICERO Shades of Green giving the framework a Medium
Green score and confirming its alignment with the LMA/LSTA Green Loan
Principles. The Company's Green Finance Framework and the second party opinion
report from Cicero are both attached and will be made available on
atlanticsapphire.com/sustainability.

Karl Øystein Øyehaug, Managing Director and Interim CFO of Atlantic Sapphire
ASA, commented: "We're proud to announce that the second party opinion from
CICERO rates this credit facility, specifically, as green, but also, more
generally, all capital expenditures in Bluehouse® infrastructure as green use of
proceeds. Our future expansions will require capital, and we are confident that
our creditors will appreciate that they're part of developing a more sustainable
source of healthy proteins, without airfreight and without impact on the ocean.
Finally, we're pleased to acknowledge that the Company's governance procedures
in our green finance framework are found to be 'Excellent'."

DNB Markets acted as Green Loan Advisor, assisting the company with the Green
Finance Framework.

For further information, please contact:
Johan E. Andreassen 
Chairman, Atlantic Sapphire ASA; 

Karl Øystein Øyehaug 
Managing Director & Interim CFO, Atlantic Sapphire ASA

investorrelations@atlanticsapphire.com

About Farm Credit of Florida
Farm Credit of Florida is a member-owned agricultural lending cooperative with
assets of US$ 1.3 Billion. Farm Credit of Florida provides loans, leases and
crop insurance with 13 offices serving Florida, serving over 2,610 farmers,
ranchers, growers, aquaculture producers, and rural homeowners across the state.
Farm Credit's mission is to support rural communities and agriculture with
reliable, consistent credit and financial services, today and tomorrow. Farm
Credit of Florida is a member of the nationwide Farm Credit System network of 72
customer-owner financial institutions across all 50 states and Puerto Rico. The
Farm Credit System services 571,000 customers nationwide with US$ 287 Billion in
total loan volume as of December 31, 2019. Visit FarmCreditFl.com to learn more.

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 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 since 2010 worked to identify and permit the ideal
location for Bluehouse® farming in Miami, Florida. The Company is close to
completion of its phase 1 build out which is projected to harvest approximately
10,000 tons of salmon annually and performed its first commercial harvest in the
US in September 2020. The Company 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.

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