Mowi ASA

Earnings Release • Aug 24, 2017

Best second quarter ever for Marine Harvest

Best second quarter ever for Marine Harvest

(Bergen, 24 August 2017) Marine Harvest achieved an operational EBIT of EUR 198

million in the second quarter of 2017, compared to EUR 149 million in the

corresponding quarter of 2016.

Supported by the good results, a strong market outlook and a solid financial

position, the Board has proposed a quarterly dividend of NOK 3.20 per share.

- Driven by high salmon prices on strong demand, we achieved record high

operational results in the second quarter. I am pleased to see strong

operational performance and reduced cost in Marine Harvest Scotland and Marine

Harvest Ireland. It is also encouraging to see that production costs decreased

for Marine Harvest Chile, says CEO Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues of EUR 884 million (EUR 832

million) in the second quarter of 2017. Total harvest volume was 78 612 tonnes

in the quarter (87 159). Harvest guidance for 2017 has been reduced from

403 000 to 377 000 tonnes as a result of biological issues in Norway.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.50

(2.12) in the second quarter, while salmon of Scottish and Canadian origin

reported operational EBIT per kilo of EUR 3.10 and EUR 2.34 respectively (EUR

0.47 and EUR 2.34). Salmon of Chilean origin reported operational EBIT per kilo

of EUR 1.46 in the quarter (EUR -0.23). MH Feed reported an operational EBIT of

EUR 1.8 million (EUR 3.3 million). MH Consumer Products reported an operational

EBIT of EUR 15.4 million (EUR -4.8 million).

- I am pleased that operational improvements in Marine Harvest Consumer Products

have resulted in yet another good quarter. Several of our processing plants are

now performing better than at the same time last year, says Aarskog.

For further information, please contact:

Ivan Vindheim, CFO, Mobile: +47 958 71 310

Kim Galtung Døsvig, IR Officer & Head of Treasury, Mobile: +47 908 76 339

About Marine Harvest Group

Marine Harvest Group is the world's leading seafood company and largest producer

of farmed salmon, with presence in 24 countries and a total of 12 717 employees

worldwide. The company is headquartered in Bergen, Norway, and is listed on the

Oslo Stock Exchange.

Please see www.marineharvest.com for further information.

Forward looking statements

This release may be deemed to include forward-looking statements, such as

statements that relate to Marine Harvest's goals and strategies, salmon prices,

ability to increase or vary harvest volume, production capacity, trends in the

seafood industry, restructuring initiatives, exchange rate and interest rate

fluctuations, expected research and development expenditures, business prospects

and positioning with respect to market, demographic and pricing trends,

strategic initiatives, and the effects of any extraordinary events and various

other matters (including developments with respect to laws, regulations and

governmental policies regulating the industry and changes in accounting

policies, standards and interpretations) on Marine Harvest's business and

results. Forward-looking statements are typically identified by words or

phrases, such as "believe," "expect," "anticipate," "intend," "estimate," "may

increase," "may fluctuate," "plan," "goal," "target," "strategy," and similar

expressions or future or conditional verbs such as "may," "will," "should,"

"would," and "could." Forward-looking statements are Marine Harvest's current

estimates or expectations of future events or future results. Actual results

could differ materially from those indicated by these statements because the

realization of those results is subject to many risks and uncertainties. Marine

Harvest ASA's Annual Report contains additional information about factors that

could affect actual results, including: changes to the price of salmon including

the value of our biological assets; hedging risks; risks related to fish feed;

economic and market risks; environmental risks; operational risks; risks related

to escapes, disease and sea lice; product risks; risks related to our

acquisitions; financing risks; regulation risks including relating to food

safety, the aquaculture industry, processing, competition and anti-corruption;

trade restriction risks; litigation risks; tax and accounting risks; strategic

and competitive risks; and reputation risks. All forward-looking statements

included in this release are based on information available at the time of the

release, and Marine Harvest assumes no obligation to update any forward-looking

statement.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.