Miami, FL, 10 December 2021

Atlantic Sapphire ASA ("Atlantic Sapphire" or the "Company", and together with
its consolidated subsidiaries, the "Group") has received certain information
requests from the Financial Supervisory Authority of Norway (the "NFSA") in
respect of the Company's accounting treatment of its financial reporting of the
Group's credit facility (the "Credit Facility") with DNB Bank ASA, New York
Branch, and Farm Credit of Florida, ACA (together, the "Lenders"). Such
information request is issued as part of the NFSA's control of periodic
financial reporting pursuant to the Norwegian Securities Trading Act §19-1,
second paragraph.

On 9 December 2021, Atlantic Sapphire received a preliminary notice regarding
its accounting treatment of the Credit Facility in the Group's Consolidated
Statement of Financial Position as of 30 June 2021 regarding its failure to meet
a financial covenant. The NFSA indicated that they are considering requiring
that the Group issue restated financial accounts and report as of and for the
six-month period ended 30 June 2021 (the "First Half 2021 Financial
Statements").

Pursuant to the Credit Facility, the Group's EBITDA is required to exceed
certain levels. For the three-month period ended 30 June 2021, the Group's Q2
EBITDA was required not to be less than negative USD 7 million. As reported in
the First Half 2021 Financial Statements on 26 August 2021, the EBITDA of the
Group for the six months ended 30 June 2021 was negative USD 42 million, of
which negative USD 13 million relates to the three-month period ended 30 June
2021. As such, the Group began the process of obtaining a waiver from the
Lenders with respect to such breach prior to 30 June 2021. Prior to the
announcement of the First Half 2021 Financial Statements on 26 August 2021, the
Group received the formal waiver from the Lenders.

In the previously published First Half 2021 Financial Statements, the Credit
Facility was, on the basis set out above, accounted for as a non-current
liability in the Group's balance sheet. The NFSA is of the view in its
preliminary notice that the covenant breach implied that the Lenders technically
had, as of 30 June 2021, a right to require repayment of amounts outstanding
under the Credit Facility. Consequently, the NFSA is of the view that such
amounts should have been treated as a current liability rather than as a
non-current liability as of 30 June 2021, despite a waiver being obtained prior
to the completion and publication of the First Half 2021 Financial Statements. 

Even though the Group was in the process of obtaining such waiver as of 30 June
2021 and obtained such waiver prior the publication of the First Half 2021
Financial Statements, the Group acknowledges that no formal waiver had been
received as of 30 June 2021. Following a review of applicable IFRS standards and
interpretations, the Group agrees with the NFSA that the USD 50 million of
amounts outstanding under the Credit Facility should have been classified as a
current liability accompanied by a note explaining that the formal waiver, which
triggers a re-classification back to non-current liabilities, was obtained after
30 June 2021 and prior to the release of the First Half 2021 Financials
Statements on 26 August 2021. Consequently, the Group will publish restated
First Half 2021 Financial Statements in mid-January 2022.

The reclassification of the amounts outstanding under the Credit Facility in the
restated First Half 2021 Financial Statements will have no effect for the Group.
As mentioned above, the Group received a waiver from the Lenders for the
relevant covenant as soon as practically possible and prior to publication of
the First Half 2021 Financial Statements on 26 August 2021.

For further information, please contact:

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