Miami, FL, October 11, 2023

Reference is made to Company Update published on September 19, 2023 where
Atlantic Sapphire ASA (together with its subsidiaries, the "Company") outlined
the operational challenges experienced in Q3 2023 due to elevated water
temperatures and its plan to install additional chillers to get water
temperatures across its Bluehouse facility to targeted levels. 

The new chillers were delivered in the second half of September 2023 and have
since been brought online. With the added water-cooling capacity, the Company
has now brought temperatures across all growout systems down to approximately 14
degrees Celsius, which is in line with targeted levels. Having stable
temperatures at the right level is a pre-requisite to achieve good biological
performance.

The Company harvested a total volume of approximately 365t HOG in the three
months ended September 30, 2023, while the net biomass gain for the same period
was approximately 100t RLW. As described in the Company Update on September 19,
2023, the Q3 2023 biomass gain was negatively impacted by the operational
challenges with high water temperatures in the quarter. The standing biomass as
of September 30, 2023 was approximately 2,350t RLW. 

The Company will release its full Q3 2023 Operational Update (the "Operational
Update") on November 1, 2023 after the close of the Oslo Stock Exchange and
would like to invite all interested stakeholders to a presentation of the
Operational Update shortly thereafter. A link to the webcast will be shared on
November 1, 2023. The Operational Update will include further details on
operational performance and focus areas in Q3 2023 and to date.

For further information, please contact:

Johan E. Andreassen 
CEO

or 

Karl Øystein Øyehaug 
CFO

investorrelations@atlanticsapphire.com

This information is subject to the disclosure requirements pursuant to the
Norwegian Securities Trading Act section 5-12.

About Atlantic Sapphire ASA 
Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming,
locally, and transforming protein production, globally. Atlantic Sapphire has
been operating its innovation center in Denmark since 2011 with a strong focus
on R&D and innovation to equip the Company with the technology and procedures
that enable the Company to commercially scale up production in end markets close
to the consumer. 

In the US, the Company has identified and obtained the requisite permits to
construct its Bluehouse® in the ideal location in Homestead, Florida, just south
of Miami. The Company has completed Phase 1 construction, which provides the
capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The
Company completed its first commercial harvest in the US in September 2020.
Atlantic Sapphire is currently constructing its Phase 2 expansion, which will
bring total annual production capacity to 25,000 tons, and has a long-term
targeted harvest volume of 220,000 tons.