AKVA Group — Earnings Release 2015

May 8, 2015

AKVA group ASA : 1Q 2015 financial reporting

AKVA group ASA : 1Q 2015 financial reporting

On track - record high order backlog

AKVA group is on track with a good financial performance in Q1 2015 and a record

high order backlog. Total revenues in Q1 was 325 MNOK (310) with an EBITDA of

27 MNOK (32 MNOK). The order backlog at the end of the quarter was 547 MNOK (452

MNOK) which is the highest order backlog ever for AKVA group.

"We have completed another good quarter in AKVA group where we have taken

advantage of our diversified portfolio both geographically and product wise. The

record high order backlog and the continued high market activity gives us

confidence and we consider ourselves to be on track so far in 2015", says CEO of

AKVA group ASA Trond Williksen.

Cage Based Technology (CBT)

Nordic had a good start of the year, but with a slightly different product mix

compared to Q1 2014. Sales of sensors and cameras are all time high, deliveries

of plastic cages is slightly down year on year in Q1 and sales of barges

continues to be very good.  Chile had a good start of the year with high

activity both on technology and on services. Canada and UK continue their good

performance from 2014 with their best Q1 ever. We have experienced low activity

in Export to emerging markets in Q1. This area is dominated by few but large

contracts and this gives variations in the P&L quarter by quarter. Our Turkey

operation had a profitable Q1 with good sales.

Software (SW)

AKVA group Software AS continues to deliver stable and high margins with

improved financial performance in Q1 compared to same period last year. Wise

lausnir ehf also had a good start of the year with improved performance compared

to same period last year. Software continues to invest in new product modules,

which is expected to strengthen the financial performance of the SW segment

further.

Land Based Technology (LBT)

We have experienced a slow start for the LBT segment in Q1. AKVA group Denmark

has a good order backlog, however delayed start-up and progress in some projects

explains the low margin in LBT in Q1. Plastsveis is on track with a profitable

Q1 and a good order backlog.

Order Backlog

Good market activity has materialized in a very good order inflow in Q1 and as a

consequence the best order backlog ever for AKVA group. The order inflow in Q1

2015 was 367 MNOK (243 MNOK). The order backlog at the end of Q1 2015 was 547

MNOK (452 MNOK).

Balance sheet

The balance continues to be considered as strong. Working capital in percentage

of 12 months rolling revenue is improved YoY from 11.5% to 10.8%. We are able to

maintain low working capital despite high activity during this 12 month period.

Cash and unused credit facilities amounted to 147 MNOK (153 MNOK) at the end of

Q1 2015. Total assets and total equity amounted to 942 MNOK and 404 MNOK

respectively, resulting in an equity ratio of 43% (44%) at the end of Q1 2015.

Outlooks

We have a strong short term outlook due to high market activity and order

backlog. Our target is to outperform 2014. The strong demand in the Nordic

market is expected to continue. The positive operational development in the

Chilean market is expected to continue in the next quarters due to a solid order

backlog. However, our Chilean customer's struggle with low earnings brings some

uncertainty to investments in the medium term. The volcano eruption in Chile

might have a small impact short term on CBT investments, but pose an opportunity

for LBT. We are monitoring the Chilean market closely and will adjust our

operation according to the development. UK and Canada are expected to continue

to perform well in the next quarters with a significant order backlog and a

large portion of reoccurring business. Land based technology is expected to have

a positive development with a growing order backlog and prospect mass. We

experience historically high market interest for land based technology. Export

sales to emerging markets will continue to fluctuate short term, but represents

a large potential over time. New geographical regions continuously emerge as

markets for our technology. We continue our effort to build service and after

sales as a key business element in all markets and segments.

About AKVA group

AKVA group is a technology and service partner to the aquaculture industry

worldwide. The company has around 740 employees, offices in 8 countries and a

total turnover of NOK 1.2 billion in 2014. We are a public listed company

operating in one of the world's fastest growing industries and supply everything

from single components to complete installations, both for cage farming and land

based aquaculture. AKVA group is recognized as a pioneer and technology leader

through more than 30 years. The Corporate Headquarter is in Bryne, Norway.

Dated: 8 May 2015

AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Trond Williksen Chief Executive Officer

Phone: +47 51 77 85 00

Mobile: +47 91 63 01 73

E-mail: twilliksen@akvagroup.com

Eirik Børve Monsen Chief Financial Officer

Phone: +47 51 77 85 00

Mobile: +47 91 63 98 31

E-mail: emonsen@akvagroup.com

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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