Miami, FL, May 10, 2022

With reference to previous stock exchange announcements, Atlantic Sapphire ASA
(the "Company" or "Atlantic Sapphire") today announces that the insurance
settlement after the fire in the Company's plant in Denmark on September 15,
2021, has been successfully concluded. The Company has agreed on a cash
settlement of DKK 180 million. 

The book value at the time of the fire was DKK210m (approximately USD33m at the
exchange rate in September 2021) and the insurance process has identified
approximately DKK30m of buildings and equipment that was undamaged by the fire.
In addition, the Company has permits, a long-term land lease and a tax loss
carry-forward.

The Company is free to decide how the insurance proceeds are to be used. The
board has decided that the settlement proceeds are to be allocated to US
operations and construction.

In the meantime, the board will continue to review the Company's strategy for
its Danish operations. 

Atlantic Sapphire's core business is expanding production in the US where the
Company sees the highest return on investment. The Company has now ensured
stable operations in the US and is in the middle of a significant expansion of
the production capacity. 

The current situation in the world further emphasizes the importance of short
and lean value chains. In the US, the Company is perfectly positioned to
leverage this. The US is currently importing approximately 98% of its
consumption of Atlantic salmon and the Company believes there will be an
increasing focus and preference for domestically produced food in the years
ahead.

For further information, please contact:

Johan E. Andreassen 
Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC