Steven Morrell to resign as Chairman of the Board in Akva group

He was elected to the Board of Directors of AKVA group in 2001. In the year 2006, the Board of Directors appointed him Chairperson. During his time as Chairperson of the Board of Directors, Steven Morrell played a significant role in ensuring that AKVA group became the global leader in aquaculture technology with revenue growing from MNOK 169 in 2000 to MNOK 867 in 2008, reports the company. When Mr. Morrell first joined the Board he represented Teknoinvest as a shareholder. Today Teknoinvest is no longer a shareholder of the company. Furthermore, Mr. Morrell recently took over as the Managing Partner in Teknoinvest upon the retirement of Bjørn Bjorå, making this the natural time to resign from the Board of AKVA group. Steven Morrell said: "During the last eight years AKVA group has grown to be the leading partner for the world's aquaculture companies for their technology requirements and support. During this period I have watched as the people of the company managed this achievement with creativity, energy and integrity. It has been a pleasure for me to work together with the entire AKVA group team. The Board of Directors together with Knut Molaug, Chief Executive Officer of AKVA group, are very experienced and competent to continue to lead AKVA group forward in further strengthening its position as the global leader in aquaculture technology." Knut Molaug, CEO of AKVA group said: "The Company thanks Steven Morrell for the outstanding work he has done for the company over the years, for his competence and for the way in which he always sought to act fairly and take account of the interests of all stakeholders. As Member of the Board of Directors, Steven Morrell played an important role taking the company through the difficult periods of the salmon farming industry downturn in 2001 and then again in 2008. He must also take a great deal of the credit for the successful acquisition and integration of Helgeland Plast AS and the Wavemaster Group and the subsequent listing of the AKVA group shares on the Oslo Stock Exchange in 2006. It was on his watch that the company recorded the two most successful years it has ever had in 2006 and 2007. AKVA group as a whole has benefited from his depth of knowledge and experience as Chairperson."