We refer to message published by Frøy ASA this morning. The message and report
for the third quarter 2022 is included below. NTS ASA will publish its report
for the third quarter 2022 on November 23 as previously announced.

Frøy ASA ("Frøy") reports its highest quarterly revenue and operating EBITDA on
record.

"I´m happy to see the strong performance in both our wellboat and service
segments in the quarter" says Tonje Foss, CEO at Frøy ASA. "Despite high
inflation and fuel prices we continue to grow both our top line and operating
EBITDA. We are working hard to deliver continuous improvements to our clients.
Reducing biological risk and costs are our core priorities. I´m proud by the
hard work that our team has shown in the quarter," says Foss.

Highlights from the quarter:
o Revenues of NOK 614 million vs. Q3 21 NOK 457 million.
o Revenues from fixed contracts and framework agreements increased 27% vs. Q3 21
o EBITDA excl. gain from sale of assets of NOK 197 million (Q3 21: NOK 183
million)
o Backlog 30.09.22 of approx. NOK 6.2 billion including options (30.09.21
approx. NOK 6.1 billion)

On 28 September 2022 the Norwegian Government proposed to introduce a new
resource tax on salmon and trout farming of 40% with the effect from the tax
year 2023. The short-term consequences, following the new proposal, has been a
broad-based investment halt among Norwegian salmon farmers.

Frøy deliver business critical day to day farming operations for salmon farmers.
To date, activity has remained high and in line with normal seasonality. The
halted investments into new smolt facilities, harvesting facilities and other
farming infrastructure are likely to impact future growth in Norway also within
Frøy´s segments, if they are not reinitiated.

Less attractive conditions in Norway are expected to focus more investments into
other farming regions abroad. Frøy will prioritize to grow and support salmon
farmers in the regions where they operate. During Q3 Frøy has continued to
invest in new efficient and more environmentally friendly vessels. We continue
to work with digitalization and build on our base of +800 specialized aqua
service personnel and will actively assist salmon farmers with efficient and
sustainable solutions wherever they choose to grow.

The Company will host a live presentation in Norwegian language at 09:00 a.m.
CET at Nordea´s offices, Essendrops gate 7, Oslo.

The presentation will also be broadcasted via a live webcast:
https://events.webcast.no/viewer-registration/Z8OPvYR1/register

A recorded version of the Norwegian webcast and a recorded English webcast will
be made available on https://froygruppen.no/investor/ in the afternoon.

For further information, please contact:

Tonje Foss, CEO +47 996 10 116
Sondre Vevstad, Interim CFO +47 936 54 555

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange