Atlantic Sapphire

Earnings Release • Sep 6, 2021

Atlantic Sapphire ASA: Normal production restored at the US Bluehouse facility

Atlantic Sapphire ASA: Normal production restored at the US Bluehouse facility

Miami, FL, September 5, 2021

Reference is made to the Update on the supply situation of liquid oxygen to the US Bluehouse facility published on August 29, 2021, and the current, Covid-19 related liquid oxygen (“LOX”) shortage in the US. In response to the shortage in the US market and potential negative effects on the operations of Atlantic Sapphire ASA (“the Company”), management took precautionary measures both to reduce its oxygen consumption and to engage in alternative supply sources, in order to avoid putting its biomass health at risk.

Over the last days, the Company has been able to secure additional LOX deliveries through multiple different sources, including Miami-Dade County (“MDC”), its original oxygen supplier and three additional out-of-state sources of LOX. With the current schedule of LOX deliveries and supply chain redundancies in place, the Company has been able to increase feeding to normal levels across all its fresh and saltwater systems. Although the Company will continue to monitor the LOX situation closely, it expects to be in normal production going forward.

For further information, please contact:  

Johan E. Andreassen 

Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC; 

Karl Øystein Øyehaug 

Managing Director, Atlantic Sapphire ASA, and Chief Financing Officer, Atlantic Sapphire USA LLC

investorrelations@atlanticsapphire.com

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 has secured the key US water permits to produce up to 90,000 tons onsite, and has a targeted harvest volume in 2031 of 220,000 tons.