Mowi ASA

Earnings Release • May 11, 2016

Strong operational EBIT on record-high prices

Strong operational EBIT on record-high prices

(Oslo, 11 May 2016) Marine Harvest achieved an operational EBIT of EUR 112

million in the first quarter of 2016, compared to EUR 95 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 1.70 per share.

- Driven by record-high prices in Europe and Asia, and improving markets in the

Americas, this is one of our strongest quarters ever. I would like to recognize

the efforts put in by all our employees contributing to this result. I am also

pleased to see a reduction of the production costs in Canada, and the good

contribution from Region North and Region West in Norway, says CEO Alf-Helge

Aarskog.

Marine Harvest Group reported operational revenues of EUR 81o million (EUR 735

million) in the first quarter of 2016. This is all time high for a first quarter

in Marine Harvest, and corresponds to a growth of 10 % year over year. Total

harvest volume were 96 613 tonnes in the quarter (99 476 tonnes). Harvest

guidance for 2016 is 414 000 tonnes, which is 22 000 tonnes lower than the

previous guidance.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 1.87

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

reported operational EBIT per kilo of EUR 0.68  and EUR 1.97  respectively (EUR

0.32 and EUR 0.58). Salmon of Chilean origin reported operational EBIT per kilo

of EUR -1.55 in the quarter (EUR -0.73). The figures include contribution from

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

reported an operational EBIT of EUR -0.6 million (EUR -0.2).  MH Feed reported

an operational EBIT of EUR 1.6 million (EUR 2.1 million).

Marine Harvest's operational EBIT in the quarter has been negatively impacted by

the company's operations in Chile and the plant in Rosyth, Scotland.

- The operational EBIT for Consumer Products has also been negatively impacted

by losses at the Rosyth plant in Scotland. We have taken actions to improve

efficiency and yield, says Aarskog.

The algal bloom in Chile has caused severe problems for the whole industry in

Chile, including Marine Harvest. Accordingly, Marine Harvest has initiated a

restructuring process to cut costs and become more competitive.

Marine Harvest will write down USD 16 million of fixed assets in Marine Harvest

Chile in the second quarter. In addition, Marine Harvest will make a

restructuring provision of USD 3 million in the second quarter related to

employee layoffs. These measures are expected to provide annual savings of

approximately USD 8-10 millions.

- Marine Harvest will continue to advocate for stronger regulations of the fish

farming industry in Chile as well as continued consolidation. This should enable

the transformation of Chilean fish farming into a sustainable industry with

improved biology, sound financial results and safe jobs, 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#2011471]