Mowi ASA

Earnings Release • Aug 18, 2016

All time high operational EBIT on unprecedented prices

All time high operational EBIT on unprecedented prices

(Bergen, 18 August 2016) Marine Harvest achieved an operational EBIT of EUR 149

million in the second quarter of 2016, compared to EUR 84 million in the

corresponding quarter of 2015.

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

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

which NOK 1.10 is related to the divestment of the shares in Grieg Seafood.

- Driven by unprecedented prices due to strong demand and reduced supply, we

achieved all time high operational results. Farming results in Norway,

considering the high contract share, and Canada were very encouraging. Further,

the market balance for 2016 is expected to remain tight, and we project a global

supply decline of 7 %, says CEO Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues of EUR 832 million (EUR 767

million) in the second quarter of 2016. Total harvest volume were 87 159  tonnes

in the quarter (104 158 tonnes). Harvest guidance for 2016 is 400 000 tonnes,

which is 14 000 tonnes lower than the previous guidance.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.12

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

reported operational EBIT per kilo of EUR 0.47  and EUR 2.34  respectively (EUR

0.64 and EUR 0.26). Salmon of Chilean origin reported operational EBIT per kilo

of EUR -0.23 in the quarter (EUR -0.53). The figures include contribution from

Sales and Marketing, including MH Consumer Products. MH Consumer Products

reported an operational EBIT of EUR -4.8 million (EUR 5.5 million).  MH Feed

reported an operational EBIT of EUR 3.3 million (EUR 3.1 million).

- Despite all time high salmon prices, farming costs have become unacceptably

high and the cost trend is not satisfactory. Compared to the second quarter of

2015, costs are up in all regions. Marine Harvest continues to have the utmost

focus on cost reduction throughout the organization and supports new methods and

innovative solutions to combat the cost escalation, says Aarskog.

Marine Harvest and Deep Sea Supply have recently established an aquaculture

shipping joint venture.

- I am pleased that the aquaculture shipping joint venture has contracted two

newbuilds; one well boat and one harvest vessel. This represents an interesting

opportunity to reduce cost and at the same time improve biology for Marine

Harvest, 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 12 400 employees

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

Oslo Stock Exchange and New York Stock Exchange (NYSE).

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 registration statement on Form 20-F filed in 2015, including the

section captioned "Risk Factors," contain 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.

[HUG#2035817]