Frøy ASA

Board/Management Information • Oct 21, 2021

Frøy ASA – CFO steps down

Frøy ASA – CFO steps down

CFO in Frøy ASA (the “Company” or “Frøy”) Arne Rødsjø has decided to step down from his position. Tore Helgesen will take up the position as interim CFO until a permanent solution is found. Mr. Rødsjø will assist with the transition.

“I would like to thank Arne for his dedication and hard work through the last 12 months. Mr. Rødsjø has made a significant contribution throughout the listing process and during the first months as a listed company”, says Helge Gåsø, CEO of Frøy.

“I´m a strong believer in Frøy´s growth and value creation plan, with a strong competitive position and more than 670 dedicated aqua service professionals. After a very busy year, and with Frøy entering a new phase as a listed Company, I found that the time was right to move on”, says Arne Rødsjø, departing CFO of Frøy.

Frøy has initiated a search to recruit a permanent replacement for Mr. Rødsjø.

The new interim CFO, Mr. Helgesen, has a master's degree in economics and is a state-authorized public accountant from the Norwegian School of Economics (NHH) in Bergen. Tore has worked for almost 20 years in auditing and consulting and was a partner in PwC in the period 2007-2017. Mr. Helgesen will assume his new role immediately.

For further information, please contact:

Helge Gåsø, CEO +47 901 01 101

Sondre Vevstad, IR +47 936 54 555

About Frøy:

Frøy is a leading integrated provider of aqua service services to Norwegian salmon farmers. With a team of more than 670 specialised professionals and a modern fleet of 85 vessels, Frøy offers a wide range of infrastructure services to salmon farmers. The service offer includes transport of fish, sorting, counting, cleaning of nets, treatment for diseases and lice, inspection, installation and maintenance of salmon farming sites.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

Important notices

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in investment levels and need for the Company’s services, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company’s ability to attract, retain and motivate qualified personnel, changes in the Company’s ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.