AKVA Group - Capital/Financing Update 2020

AKVA group ASA: Potential new land based project

AKVA group ASA has signed a non-binding Term Sheet with the Norwegian company

AquaCon AS for a potential supply of equipment, engineering and design to a new

land based grow-out facility of 15,000 metric ton HOG salmon on Eastern Shore,

Maryland, USA. The final contract, if awarded, is expected to have a minimum

value of USD 130 million. The project and AKVA's deliveries are expected to be

completed by 2023. The Term Sheet is expected to remain effective until 31

December 2020.

AKVA will participate with EUR 3 million in equity in the project if sufficient

further financing is achieved and will also provide a convertible loan in the

amount of EUR 500,000 as bridge financing until the financing of the project has

been completed.

AKVA's participation in the project is subject to AquaCon AS obtaining the

necessary financing for the project and agreement on a final contract.

Dated: 12 June 2020

AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Knut Nesse Chief Executive Officer

Phone: +47 51 77 85 00

Mobile: +47 91 37 62 20

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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