Atlantic Sapphire

Board/Management Information • May 6, 2024

Atlantic Sapphire ASA: Appointment of New CFO / Deputy CEO

Atlantic Sapphire ASA: Appointment of New CFO / Deputy CEO

Miami, May 6, 2024

Atlantic Sapphire ASA (the “Company” or “Atlantic Sapphire”) announces the appointment of Gunnar Aasbo-Skinderhaug as CFO and Deputy CEO, effective July 1, 2024. Karl Øystein Øyehaug has decided to step down from his position as CFO.

In his new role, Gunnar Aasbo-Skinderhaug will strengthen the Company's leadership team, bringing operational and financial experience from the salmon farming industry to secure its path toward profitability. With this appointment, Atlantic Sapphire further aims to enhance its capabilities and ensure readiness for the upcoming phase two expansion project.

Gunnar Aasbo-Skinderhaug has more than 15 years of experience from the seafood industry and salmon farming and joins Atlantic Sapphire from the position as Director of Cermaq Norway Salmon. Aasbo-Skinderhaug has had multiple operational executive roles in the Norwegian entity and worked on operational improvements in the Norwegian and Chilean operations of Cermaq. Aasbo-Skinderhaug has more than 10 years experience as CFO, including previously Oslo Stock Exchange-listed Aker Seafoods, as well as several years of experience with land-based farming, including RAS production.

«I am proud to get this opportunity in Atlantic Sapphire. The demand for salmon is strong while the industry’s supply cannot keep up. The future of salmon farming includes significant production volumes from land-based farms, and Atlantic Sapphire has long experience and a unique position to serve the greatest salmon market in the world with premium salmon», Aasbo-Skinderhaug says.

Karl Øystein Øyehaug will remain in the CFO role until Mr. Aasbo-Skinderhaug has relocated to Florida (expected during Q3 2024) and will also stay in the Company for a period thereafter to secure a seamless transition.

Furthermore, the Board of Directors is pleased to report that the search for a new CEO is progressing well and is expected to conclude during Q2 2024.

"We welcome Gunnar Aasbo-Skinderhaug to our leadership team and are confident that Gunnar, with his broad background, will significantly contribute to the company´s journey towards profitability and growth over the years to come" said Kenneth J Andersen, Chairman of the Board of Atlantic Sapphire. “On behalf of the Board of Directors, we want to thank Karl Øystein Øyehaug for his significant contribution to the company over the past six years serving as CFO, both in terms of developing the Company into what it is today, and also securing financing to fulfill the company’s path toward profitability and growth. We’re sorry to see him leave but understand his priorities and wish him all the best in the future."

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.