Atlantic Sapphire

Board/Management Information • May 14, 2024

Atlantic Sapphire ASA: Appointment of New CEO

Atlantic Sapphire ASA: Appointment of New CEO

Miami, FL, May 14, 2024

Atlantic Sapphire ASA (the “Company” or “Atlantic Sapphire”) announces the appointment of Pedro Courard as CEO. Mr. Courard will take on the role starting August 1, 2024, and this marks the conclusion of an extensive search process over the last half year.

Pedro Courard is an Industrial Engineer with a Master in Business Administration. He has been involved in the salmon industry in Chile for over 25 years, holding different management positions, most of them related to production and operation. During the last 15 years he has held management positions in different companies; he was the Managing Director of Ocea Chile (today Scale), Farming Director in Multi X and, since 2022, the Managing Director of Cermaq Chile, Chile’s second largest salmon producer. In Cermaq, Mr. Courard has been part of the team that led the successful turnaround process of Cermaq Chile, positioning the company as a top performer in the Chilean salmon farming industry.

Founder and CEO Johan Andreassen said: “I am very pleased that after a long and thorough process Pedro Courard has been selected as my successor. Pedro has a strong operational track record from the Chilean salmon industry and I am convinced that he will be a good match to lead the Miami operations and take the Company to operational excellence in Phase 1 and beyond. The strategic position of Atlantic Sapphire is stronger today than ever, being the sole land-based salmon producer at scale in the vast and growing US market with a unique location that enables the Company to grow its production to unmatched scale, sustainably.”

Johan Andreassen will remain in the CEO role until Mr. Courard has relocated to Florida and will also stay in the Company for a period thereafter to secure a seamless transition.

Pedro Courard commented: “I am extremely excited and I feel honored to have been selected to lead the next steps of the largest land-based production project in the world, with all the opportunities and challenges it involves for me on a personal level. I’m convinced that land-based salmon farming has the potential to disrupt the aquaculture industry and solve many of the challenges that global protein production faces today.”

Kenneth J. Andersen, Chairman of the Board of Atlantic Sapphire, said: "I am pleased to welcome Pedro Courard as our new CEO. With his addition, our management team is complete, and I believe it is the most experienced in the land-based salmon farming industry. Pedro's expertise and leadership will be crucial on our path towards operational excellence and profitability in our current operations, as well as laying the ground for further growth investments."

In order to optimally incentivize the new CEO, the Board of Directors intends to grant Mr. Courard an option package that consists of 1,400,000 share options (the equivalent of approximately 1.25% of the outstanding shares in the Company following the proposed reverse share split) with a four-year vesting period, the first quarter of the package vesting upon grant and then annually thereafter. The strike price will be calculated based on the average closing share price of the Company over the next five trading days plus a 25% premium. This option grant is subject to the proposed renewal of the general share option plan being approved in the upcoming annual general meeting on May 23, 2024.

For further information, please contact:

Johan E. Andreassen, CEO;

or

Karl Øystein Øyehaug, CFO

investorrelations@atlanticsapphire.com

This information is published in accordance with the requirements of the Continuing Obligations.

About Atlantic Sapphire ASA

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire operated its innovation center in Denmark from 2011 until 2021 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 holds the requisite permits and patents to construct its Bluehouse® in an ideal location in Homestead, Florida, just south of Miami. The Company's Phase 1 facility is in operation, 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.