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, 10 August 2022

Reference is made to the stock exchange notice from Atlantic Sapphire ASA (the
"Company") published on 29 June 2022 regarding the completion of a private
placement raising gross proceeds of approximately NOK 1,231 million through
issuance of new shares in the Company (the "Private Placement") and the key
information notice dated 29 June 2022 regarding a potential subsequent offering
of up to 9,000,000 new shares in the Company, each with a nominal value of NOK
0.10 (the "Offer Shares" and the "Subsequent Offering"). 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
20 July 2022 (the "EGM").

The Private Placement consisted of two tranches, one tranche of 18,000,000 new
shares ("Tranche 1") and one tranche of 42,060,976 new shares ("Tranche 2"). The
share capital increase pertaining to the new shares in Tranche 1 were approved
by the Board on 29 June 2022 and were issued in the VPS on the ordinary ISIN of
the Company's shares. The share capital increase pertaining to the new shares in
Tranche 2 were approved by the EGM on 20 July 2022 and were issued in the VPS on
a separate ISIN, pending approval and publication of a listing 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, 10 August 2022, been approved by the Norwegian Financial Supervisory
Authority, and will be published shortly on the following websites,
www.dnb.no/emisjoner, www.arctic.com/secno/en/offerings 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 the Company has resolved to initiate the Subsequent Offering. The
subscription period in the Subsequent Offering will commence tomorrow, on 11
August 2022 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.

DNB Markets, a part of DNB Bank ASA, acts as Sole Global Coordinator and Joint
Bookrunner and Arctic Securities AS acts as Joint Bookrunner in the Subsequent
Offering (jointly, the "Managers"). 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 
Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC