Frøy ASA

M&A Activity • Oct 27, 2021

Signed MOA for sale of the wellboat MS Veidnes

Signed MOA for sale of the wellboat MS Veidnes

Frøy ASA (the “Company” or “Frøy”) has entered into a memorandum of agreement (“MOA”) for the sale of the wellboat MS Veidnes built in 2002. The agreed sales price is NOK 106 million. Completion of the transaction is expected to take place during December 2021. Subject to completion, Frøy expect to record a gain on sale of assets of approx. NOK 53 million in Q4 2021.

MS Veidnes has operated in the spot market for the majority of 2021 and the sale is in line with the Company´s strategy of maintaining a modern fleet of vessels with long term contracts. The vessel is sold to a salmon farmer outside of Norway.

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.

This stock exchange announcement was published by Sondre Vevstad investor relations in Frøy ASA on 27 October 2021 at 15:50 CEST.