Mowi ASA

Earnings Release • Feb 17, 2016

Operational EBIT of NOK 837 million in the fourth quarter

Operational EBIT of NOK 837 million in the fourth quarter

(Oslo, 17 February 2016) Marine Harvest achieved an operational EBIT of NOK 837

million in the fourth quarter of 2015, compared to NOK 1 032 million in the

corresponding quarter of 2014.

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

position, the Board has resolved a quarterly dividend of NOK 1.40 per share.

- I am very pleased with another record-breaking quarter in Marine Harvest Fish

Feed. We are seeking to expand our feed activity with a new feed factory in

Scotland, says CEO Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues of NOK 8 060 million (NOK

6 863 million) in the fourth quarter of 2015. Total harvest volume were 110 551

tonnes in the quarter (105 122 tonnes). Harvest guidance for 2016 is 436 000

tonnes, 4 000 tonnes lower than the previous guidance.

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 12.14

(NOK 12.59) in the fourth quarter, while salmon of Scottish and Canadian origin

reported operational EBIT per kilo of NOK -2.10 and NOK 3.32  respectively (NOK

-3.42 and NOK 3.69). Salmon of Chilean origin reported operational EBIT per kilo

of NOK -12.28 in the quarter (NOK 0.35). The figures include contribution from

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

reported an operational EBIT of NOK 89 million compared to NOK 117 million in

the fourth quarter of 2014. MH Feed reported an operational EBIT of NOK 74

million (NOK 61 million).

-High production costs in all regions remains a concern. We see, however, that

our Norwegian operation delivered good results even with the high sea lice

mitigation costs. I'd like to recognize the efforts made by the employees who

delivered the favourable results in the quarter, says Aarskog.

For further information, please contact:

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

Kim Galtung Døsvig, IR Officer, 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 11 700 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 2014, 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#1986635]