Atlantic Sapphire

Board/Management Information • Oct 30, 2023

Atlantic Sapphire ASA: Changes to Executive Management

Atlantic Sapphire ASA: Changes to Executive Management

Miami, USA, October 29, 2023

Johan Andreassen, CEO of Atlantic Sapphire ASA (the “Company”), has informed the Board of Directors of the Company that he would like to step down from his position as CEO. Mr. Andreassen will remain in an interim CEO role through the transition phase until a permanent replacement has been selected. The Company will immediately start a search for a new CEO.

Johan E. Andreassen commented: “The Company is going from a long entrepreneurial phase to a more mature industrial phase, and now it feels right for me to let someone else take over the CEO position that can spearhead that transition, and I will help to find and onboard my successor. The time is right to start the process of moving on and devoting more of my time to other personal priorities that I’ve sacrificed over the last years, including other companies that I am involved in. Being the founder of the Company, having held the Chairman role from inception in 2010 until last year and the CEO position since 2016, Atlantic Sapphire is and will still be my “baby”. I will continue to contribute to the best of my ability to ensure the Company achieves its goals. I am extremely proud of our team that has been working hard over a long period of time, and I am convinced that the Company will turn farming the most sustainable, healthy, fresh and delicious salmon in America into a profitable business.”

Kenneth J. Andersen, Chairman of the Company, said “On behalf of the Board of Directors, we want to express our gratitude to Johan for his leading role in developing the Company into what it is today. We understand Johan’s priorities and appreciate his continued support of the Company in a different role going forward. Johan has built up a strong team that we’re confident will be instrumental in the Company’s further development and growth.”

Furthermore, the Company is appointing Mario Palma as COO. He is currently the Director of Aquaculture Engineering. In addition to eight years of RAS experience from companies such as Mowi prior to joining Atlantic Sapphire in 2017, Mr. Palma has been a part of the US project since day one, and brings 14 years of technical and operational experience on how to manage the facility in a structured way as the Company moves on to an industrial phase. The Board of Directors is pleased that Mr. Palma has accepted this position and will assume the position immediately. Jon-Birger Løvik will remain with the Company in a different role.

For further information, please contact:

Johan E. Andreassen, CEO; or

Karl Øystein Øyehaug, CFO

investorrelations@atlanticsapphire.com

About Atlantic Sapphire ASA

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Denmark since 2011 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer. 

In the US, the Company has identified and obtained the requisite permits to construct its Bluehouse® in the ideal location in Homestead, Florida, just south of Miami. The Company has completed Phase 1 construction, which provides the capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons, and has a long-term targeted harvest volume of 220,000 tons.