Improved results for Marine Farms

Published Modified

· EBIT before fair value in Q1 2010 ended at NOK 21.1 mill compared to NOK 6.5 mill in Q1 2009. The improvement was very much due to historically high prices for salmon in the UK together with higher prices and lower costs for our seabass/seabream operation in Spain.

· The salmon operations in Lakeland (UK) obtained an EBIT/kg gwt sold salmon of NOK 10.2 in Q1 2010 (NOK 7.2 in 2009). Volumes kg sold salmon was down by 6% in Q1 2010 compared to same period last year.

· The seabass/seabream operations in Culmarex (Spain) obtained an EBIT/kg sold seabass/seabream of NOK 2.4 in Q1 2010 (NOK -7.1 in Q1 2009). Volumes kg sold seabass/seabream increased by 43% in Q1 2010 compared to last year.

· Costs related to the two cobia operations in Vietnam and Belize resulted in a negative EBIT of NOK 8.6 mill in Q1 2010 (NOK -6.3 mill in 2009). · As of 31.03.2010, equity amounted to NOK 440 mill (35.5% equity ratio) and net interest-bearing debt amounted to NOK 660 mill. As of 31.03.2010, the group had approximately NOK 60 mill in free cash and available credit facilities.

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.