Mowi ASA

Earnings Release • Oct 22, 2014

Strong earnings in third quarter for Marine Harvest

Strong earnings in third quarter for Marine Harvest

(Oslo, 22 October 2014) Marine Harvest (OSE: MHG, NYSE: MHG) achieved an

operational EBIT of NOK  912 million in the third quarter of 2014, compared to

NOK 793 million in the corresponding quarter of 2013.

- Marine Harvest delivered strong earnings in the quarter. I am pleased that the

targeted strategy of reducing the dependency of spot prices paid off during the

recent drop in salmon prices. As a consequence of the good results, the board

has resolved a quarterly dividend of NOK 1.10 per share, says CEO Alf-Helge

Aarskog.

Marine Harvest Group reported operational revenues and other income of NOK

6 202 million (NOK 4 307 million) in the third quarter of 2014. Total harvest

volumes were 107 333 tonnes in the quarter (80 921 tonnes). Harvest guidance for

2014 is unchanged at 414 000 tonnes. Harvest guidance for 2015 is 430 000

tonnes, excluding the expected 15 000 tonnes production in Acuinova.

- I would like to highlight our new feed factory. The successful startup of our

first feed plant is a milestone for Marine Harvest in our effort to be a leader

in the three areas fish feed production, farming and value added processing. I'm

proud to say the factory is profitable from the first quarter of operations,

says CEO Alf-Helge Aarskog.

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 9.71

(NOK 9.96) in the third quarter, while salmon of Scottish and Canadian origin

reported operational EBIT per kilo of NOK 9.95 and NOK 4.70  respectively (NOK

16.47 and NOK 10.92). Salmon of Chilean origin achieved an operational EBIT per

kilo of NOK 6.06 (NOK 1.68). The figures include contribution from Sales and

Marketing, including VAP Europe and Morpol Processing. Marine Harvest VAP Europe

reported an operational EBIT of NOK -27 million compared to NOK -11 million in

the third quarter of 2013. Morpol Processing reported an operational EBIT of NOK

71 million.

- We have also strengthened our position in Chile with an agreement to buy

40 000 tonnes integrated farming capacity. The yield is expected to be 15 000

tonnes in 2015. This is an important step in the consolidation of the salmon

industry in Chile, says Aarskog.

For further information, please contact:

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

Henrik Heiberg, VP Finance & Treasury, Tel: +47 21 56 20 11, Mobile:

+47 917 47 724

About Marine Harvest Group

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

of farmed salmon, with presence in 22 countries and a total of 10 600 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 of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1864661]