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, 23 October 2023

Reference is made to the stock exchange notice from Atlantic Sapphire ASA (the
"Company") published on 19 September 2023 regarding the successful placing of a
private placement of approximately NOK 702 million (the "Private Placement")
through issuance of new shares (the "New Shares") in the Company with a
subscription price of NOK 1.40 per Offer Share. 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 11 April 2023 (the
"EGM"), to be used for carrying out a subsequent offering of new shares (the
"Offer Shares") in the Company (the "Subsequent Offering") and the stock
exchange notice regarding approval of a prospectus by the Norwegian Financial
Supervisory Authority and publication of the same prospectus, released on 18
October 2023.

The Board has resolved to initiate the Subsequent Offering. The Subsequent
Offering consists of an offer of up to 100,000,000 new shares, each at a
subscription price of NOK 1.40 per Offer Share (the "Subscription Price")
directed towards Eligible Shareholders (as defined below), thereby raising gross
proceeds of up to NOK 140 million. The Subscription Price in the Subsequent
Offering is equal to the subscription price in the Private Placement.

The Subsequent Offering is directed towards the shareholders in the Company as
of 19 September 2023, as registered in the VPS on 21 September 2023 (the "Record
Date"), who (i) were not included in the pre-sounding phase of the Private
Placement, (ii) were not allocated any New Shares in the Private Placement, and
(iii) are not resident in a jurisdiction where such offering would be unlawful,
or would (in jurisdictions other than Norway) require any prospectus filing,
registration or similar action (the "Eligible Shareholders"). Eligible
Shareholders will, based on their registered holding in the VPS of shares in the
Company at the end of the Record Date, be granted non-tradable subscription
rights (the "Subscription Rights") to subscribe for and be allocated Offer
Shares in the Subsequent Offering. The Company will issue 1.11632 Subscription
Rights per 1 (one) Share held in the Company registered as held on the Record
Date.

The number of Subscription Rights issued to each Eligible Shareholder will be
rounded down to the nearest whole number of Subscription Rights without
compensation to the holder. Each subscription Right grants the holder the right
to subscribe for and be allocated (1) one Offer Share in the Subsequent
Offering. Over-subscription will be permitted. Subscription without Subscription
Rights will not be permitted.

The subscription period in the Subsequent Offering will commence today, on 23
October 2023 at 09:00 (CEST) and will close on 3 November 2023 at 16:30 hours
CET.

Allocation of the Offer Shares is expected to take place on 6 November 2023, and
the payment for the Offer Shares allocated to a subscriber is expected to fall
due on 9 November 2023. The Company expects that the share capital increase
pertaining to the Subsequent Offering will be registered with the Norwegian
Register of Business Enterprises (Nw: Foretaksregisteret) on or about 15
November 2023 and that the Offer Shares will be delivered to the VPS accounts of
the subscribers to whom they are allocated on or about 16 November 2023, subject
to timely payment of the aggregate Subscription Price by the subscribers.

The completion of the Subsequent Offering is subject to the following
conditions