NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, SWITZERLAND OR THE UNITED
STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER
OF ANY OF THESECURITIES DESCRIBED HEREIN.

Miami, FL, 18 October 2023

Reference is made to the stock exchange notice from Atlantic Sapphire ASA (the
"Company") published on 19 September 2023 regarding the successful placing of a
private placement of approximately NOK 702 million (the "Private Placement")
through issuance of new shares (the "Offer Shares") in the Company with a
subscription price of NOK 1.40 per Offer Share. Reference is furthermore made to
the authorization granted to the Board of Directors of the Company (the "Board")
by an extraordinary general meeting of the Company held on 11 October 2023 (the
"EGM"), to be used for carrying out a subsequent offering of new shares in the
Company (the "Subsequent Offering").

The Private Placement was divided into two tranches, one tranche consisting of
55,000,000 Offer Shares ("Tranche 1") and one tranche consisting of 446,428,571
Offer Shares ("Tranche 2"). The share capital increase pertaining to Tranche 1
was resolved by the Company's Board of Directors pursuant to a Board
authorization, while the share capital increase pertaining to Tranche 2 was
approved in the EGM.

The shares allocated in Tranche 2 was settled on a delivery versus payment basis
on 13 October 2023, and was delivered to investors on the separate ISIN NO 001
3048173 pending approval and publication of a prospectus.

The Company has prepared a prospectus for the listing of the Tranche 2 shares
and for carrying out the Subsequent Offering (the "Prospectus"). The Prospectus
has today, 18 October 2023, been approved by the Norwegian Financial Supervisory
Authority, and will be published today on the following websites,
www.arctic.com/secno/en/offerings, www.dnb.no/emisjoner, and on the website of
the Company (https://atlanticsapphire.com/investor-relations/).

Following publication of the Prospectus, the Tranche 2 shares will be registered
on the Company's ordinary ISIN NO 001 0768500. The Tranche 2 shares are
consequently freely tradable from the date hereof.

The Board of Directors of the Company has resolved to initiate a Subsequent
Offering. The subscription period in the Subsequent Offering will commence on 23
October 2023 at 09:00 (CEST). The Prospectus will contain the complete terms and
conditions of the Subsequent Offering, and further information will also be
given in a separate stock exchange notice to be published prior to commencement
of the subscription period.

Arctic Securities AS and DNB Markets, a part of DNB Bank ASA, are acting as
Joint Bookrunners in the Subsequent Offering. Advokatfirmaet CLP DA is acting as
legal advisor for the Company in connection with the Subsequent Offering.
Advokatfirmaet BAHR AS is acting as legal advisor for the Managers in connection
with the Subsequent Offering. 

For further information, please contact:

Johan E. Andreassen, CEO