Austevoll Seafood ASA

M&A Activity • Jan 21, 2014

THE TRANSACTION BETWEEN AUSTEVOLL SEAFOOD ASA AND KVEFI AS IS NOW APPROVED BY ALL RELEVANT COMPETITION AUTHORITIES

THE TRANSACTION BETWEEN AUSTEVOLL SEAFOOD ASA AND KVEFI AS IS NOW APPROVED BY ALL RELEVANT COMPETITION AUTHORITIES

Reference is made to releases dated 12 August, 2013

and 20 December, 2013 respectively in connection with

the agreement between Austevoll Seafood ASA (AUSS)

and Kvefi AS (Kvefi) (controlled by Kverva AS) with

regard to amalgamation of activities within the

pelagic fish meal, fish oil and human consumption in

Europe.

The transaction is now approved by all relevant

competition authorities, and will be closed forthwith

pursuant to the agreement between the parties, so

that AUSS and Kvefi each becomes owner of 50 per cent

of the shares of the company Pelagia AS (Pelagia)

which will continue the amalgamated business.

Egil Magne Haugstad has been appointed as CEO in

Pelagia, and the headquarters of the company will be

in Bergen. The new Board of Directors of Pelagia

consists of Helge Singelstad (Chairman), Helge Moen,

Arne Møgster, Gustav Witzøe and Helge Møgster.

The following companies are included in the

transaction, and will be wholly owned by Pelagia:

Welcon Invest AS (Welcon) is engaged in the

production of fishmeal, protein concentrates and fish

oil in Norway, UK and Ireland. Welcon presently has

six production facilities for fishmeal and fish oil,

and three facilities for production of protein

concentrates and oil. In addition, Welcon has a

facility with significant storage capacity in

Egersund approved as a border station for importation

of protein and oils from third countries. Welcon

employed 249 full-time equivalents in 2012, and is

led by Arne Møgster. The Board of Directors of Welcon

currently consists of Arne Møgster, Helge Singelstad,

Helge Møgster and Britt Kathrine Drivenes.

Norway Pelagic Holding AS, ex. Norway Pelagic ASA

(NPEL), is engaged in landing, refining and sale of

pelagic fish for human consumption and has 13

production facilities in Norway, from Honningsvåg in

the north to Sirevåg in the south. In addition, NPEL

owns 50 per cent of a production facility in

Shetland. The company employed 415 full-time

equivalents in 2012, and is led by Tor Vikenes. The

Board of Directors of NPEL currently consists of Arne

Møgster (Chairman), Britt Kathrine Drivenes, Siren

Grønhaug, Endre Sekse and Jorunn Frøyen.

Egersund Fisk AS (Egersund) is the holding company in

a group comprising production of fishmeal and fish

oil, as well as landing, refining and sale of pelagic

fish for human consumption. Egersund has a production

facility for fishmeal and fish oil in Egersund,

Norway, as well as two production facilities for

landing and refining of pelagic fish for human

consumption in Egersund and Tromsø respectively. In

addition, Egersund has a facility in Skagen, Denmark,

for refining. Egersund owns 50 per cent of Norsildmel

AS which is engaged in sale and purchase of fishmeal,

fish oil, concentrates and related products.

Norsildmel is treated as associated company (equity

principle) in Egersund's accounts. Egersund is also

part owner of two vessels with pelagic quota fishing

rights. Egersund employed 217 full-time equivalents

in 2012, and is led by Egil Magne Haugstad. The

Board of Directors of Egersund consists of Gustav

Witzøe (Chairman), Egil Magne Haugstad and Helge

Karstein Moen.

A presentation of the amalgamated business will be

given in connection with the AUSS 4Q 2013

presentation in Oslo on 25 February, 2014.

Contact persons:

CEO Arne Møgster Tel.: +47 91 66 10 49

CFO Britt K. Drivenes Tel.: +47 91 66 10 37