Miami, FL, July 27, 2022

Reference is made to the stock exchange notice from Atlantic Sapphire ASA
("Atlantic Sapphire" or the "Company") on 29 June 2022 regarding the successful
placement of 60,060,976 shares (the "Private Placement") at a subscription price
of NOK 20.5 per share and to the stock exchange notice from the Company on 20
July 2022 with the minutes of the extraordinary general meeting held on 20 July
2022. The Private Placement is divided into two tranches, where the first
tranche ("Tranche 1") consists of 18,000,000 new shares and the second tranche
("Tranche 2") consists of 42,060,976 new shares. Tranche 2 is further divided
into two sub-tranches, consisting of a tranche of 11,013,310 new shares
("Tranche 2A") and a tranche of 31,047,666 new shares ("Tranche 2B").

In the extraordinary general meeting held on 20 July 2022, the share capital
increases pertaining to both Tranche 2A and Tranche 2B were approved.

The share capital increase relating to Tranche 2A has now been registered with
the Norwegian Register of Business Enterprises. The share capital has been
increased with NOK 1,101,331.00 through issuance of 11,013,310 new shares, each
with a par value of NOK 0.10. The new shares will be delivered to Alsco AS and
JEA Invest AS pursuant to a share lending arrangement whereby investors in
Tranche 2A received shares on a delivery versus payment basis with existing and
unencumbered shares in the Company that were already listed on the Oslo Stock
Exchange. The new shares delivered to Alsco AS and JEA Invest AS will be
registered on a separate ISIN NO 001 2596537 pending approval and publication of
a prospectus, currently expected within mid-August 2022.

The new share capital is NOK 15,110,952.70 divided by 151,109,527 shares, each
with a par value of NOK 0.10.

For further information, please contact:

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