Marine Farms salmon operations in the UK continued to generate record results in
2Q 2010, while its seabass/seabream operations improved compared to same period
in 2009.  Revenue increased by 36% to NOK 289 mill in Q2 2010 compared to the
same period last year. In the first half of 2010, revenue increased by 25% to
NOK 509 mill compared to the same period last year.


    ·     EBIT before fair value in Q2 2010 ended at NOK 41.7 mill compared to
NOK 26.0 mill in 2009. The improvement was very much due to historically high
prices and increased volumes for salmon in the UK together with higher prices
for seabass and seabream in Spain. In the first half of 2010, EBIT before fair
value was NOK 70 mill, en improvement of NOK 32 mill compared to the same period
last year.

    ·     The salmon operations in Lakeland (UK) obtained an EBIT/kg gwt sold
salmon of NOK 13.5 in Q2 2010 (NOK 11.8 in Q2 2009). Volumes kg sold salmon were
up 18% in Q2 2010 compared to same period last year.

    ·     The seabass/seabream operations in Culmarex (Spain) obtained an
EBIT/kg sold seabass/seabream of NOK -1.6 in Q2 2010 (NOK -7.0 in Q2 2009).
Volumes kg sold seabass/seabream increased by 60% in Q2 2010 compared to same
period last year.

    ·     Costs related to the two cobia operations in Vietnam and Belize
resulted in a negative EBIT of NOK -44.5 mill in Q2 2010 (NOK -17 mill in
2Q 2009). Included in this figures is a write down of assets in Belize amounting
to NOK 37.3 mill (USD 6.0 mill). The Board of Marine Farms ASA has decided to
put the cobia business in Belize up for sale.

    ·     The Group's net cash flow from operating activities (continued
operations) amounted to NOK 61.1 mill in 2Q 2010, an improvement of NOK 57.0
mill compared to the same period last year.

    ·     As of 30.06.2010, equity amounted to NOK 433 mill (35.1% equity ratio)
and net interest-bearing debt amounted to NOK 615 mill (NOK 660 mill end of
March 2010). As of 30.06.2010, the Group had approximately NOK 100 mill in free
cash and available credit facilities (NOK 60 mill end of March 2010).


Marine Farms ASA combines farming of salmon with farming of marine species. In
addition the Company is exploiting opportunities within new marine species such
as cobia. Marine Farms has a clearly defined strategy to invest in
regions/segments where it may become one of the top producer's earnings wise.
Focus is on large and efficient clusters, controlling the entire value chain
from broodfish to customer. Its activity shall be diversified in terms of
species and markets, leveraging on established species and investing in new
ones. The company will seek market leadership in selected niches by being an
innovative and trustworthy supplier of high quality seafood products.


For further information, please contact Bjørn Myrseth or Pål Angell-Hansen:
Tel: +47 55 90 44 70
e-mail:bjorn.myrseth@marinefarms.no or pal.angell-hansen@marinefarms.no
Web:www.marinefarms.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


[HUG#1440353]





MAFA 2Q 2010 Report: 
http://hugin.info/134438/R/1440353/384739.pdf

MAFA 2Q 2010 Presentation: 
http://hugin.info/134438/R/1440353/384740.pdf




This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
All reproduction for further distribution is prohibited.
    
Source: Marine Farms ASA via Thomson Reuters ONE