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 THE SECURITIES DESCRIBED HEREIN.

Miami, FL, 7 November 2023

Reference is made to the stock exchange announcement by Atlantic Sapphire ASA
(the "Company") on 18 October 2023 regarding the approval and publication of a
prospectus (the "Prospectus"), and the stock exchange announcement on 23 October
April 2023 regarding the start of the subscription period in the subsequent
offering (the "Subsequent Offering") of up to 100,000,000 new shares (the "Offer
Shares"), each at a subscription price of NOK 1.40. Reference is furthermore
made to the supplement to the Prospectus published on 3 November 2023 (the
"Prospectus Supplement") and to the stock exchange notice issued on 3 November
2023 with the preliminary result of the Subsequent Offering.

The subscription period in the Subsequent Offering expired on 3 November 2023 at
16.30 CET. In addition, certain subscribers in the Subsequent Offering had a
right, until 7 November 2023 at 16.30 CET, to withdraw subscriptions placed
before the publication of the Prospectus Supplement.

The Company has been informed by the Managers (as defined below) that at the end
of the Subscription Period and at the expiry of the withdrawal right related to
the Prospectus Supplement, the Managers has informed that there are valid and
binding subscriptions for 18,201,586 Offer Shares.

Based on this, a total of 18,201,586 Offer Shares have been allocated by the
Company's Board of Directors in accordance with the allocation criteria set out
in the Prospectus. Further, the Board of Directors has today resolved to
increase the Company's share capital with NOK 1,820,158.60, through the issuance
of 18,201,586 Offer Shares, each with a par value of NOK 0.10.

Notifications of allocated Offer Shares and the corresponding amount to be paid
by each subscriber will be set out in a separate notification to each subscriber
to whom Offer Shares have been allotted. The notifications are expected to be
sent on 8 November 2023. The due date for payment of allocated Offer Shares is
10 November 2023.

Subject to timely payment of the Offer Shares by the subscribers in the
Subsequent Offering and registration of the share capital increase pertaining to
the Subsequent Offering, the Offer Shares are expected to be delivered to the
VPS accounts of the subscribers on or about 17 November 2023.

Arctic Securities AS and DNB Markets, a part of DNB Bank ASA, are acting as
Joint Bookrunners 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 Andreassen, CEO