Mowi ASA

Earnings Release • May 10, 2017

Record high first quarter operational EBIT for Marine Harvest

Record high first quarter operational EBIT for Marine Harvest

(Oslo, 10 May 2017) Marine Harvest achieved an operational EBIT of EUR 220

million in the first quarter of 2017, compared to EUR 112 million in the

corresponding quarter of 2016.

Supported by the good results, a strong market looking forward, and a solid

financial position, the Board has proposed a quarterly dividend of NOK 3.00 per

share, subject to approval by the Annual General Meeting on 1 June 2017.

- Driven by all-time high salmon prices, we achieved record high operational

results in the first quarter. It is especially encouraging to see strong

operational performance in Marine Harvest Scotland and Marine Harvest Canada,

says CEO Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues of EUR 892 million (EUR 810

million) in the first quarter of 2017. Total harvest volume was 83 768 tonnes in

the quarter (96 613). Harvest guidance for 2017 is 403 000 tonnes, which is in

line with the previous guidance.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.52

(1.87) in the first quarter, while salmon of Scottish and Canadian origin

reported operational EBIT per kilo of EUR 3.12 and EUR 3.42  respectively (EUR

0.68 and EUR 1.97). Salmon of Chilean origin reported operational EBIT per kilo

of EUR 1.87 in the quarter (EUR -1.55). MH Feed reported an operational EBIT of

EUR 0.1 million (EUR 1.6 million). MH Consumer Products reported an operational

EBIT of EUR 9.6 million (EUR -0.6 million).

- I am very pleased with the result Marine Harvest Consumer Products has

achieved so far this year, seasonality taken into account. Consumer Products has

improved its operations in all areas, says Aarskog.

- We are also pleased to announce that Marine Harvest has entered into a term

sheet to refinance its existing bank facility with a senior secured five year

EUR 1,206 million credit facility with DNB, Nordea, ABN Amro, Rabobank, Danske

Bank and SEB, says Aarskog. The principle financial covenant of the facility is

an equity ratio of no less than 35 %.

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.