Grieg Seafood — Earnings Release 2010

May 10, 2010

Q1 2010: Best quarterly results ever for GSF

Highlights - first quarter 2010

·   Best quarterly results ever for Grieg Seafood ASA.

·   Greatly improved performance in Norway and Shetland.

·   Strong prices and a tight market on the supply side.

·   Temporarily weak performance in Canada due to reorganisation of one

production area.

·   Proposed dividend of NOK 0.25 for 2009.

Results first quarter 2010

The Grieg Seafood Group's EBIT before fair value adjustments was NOK 115.4m in

the first quarter 2010, compared with NOK 11.1m in 2009. It was again Norway and

Shetland which showed strong increase in profits, due to higher prices and lower

production costs. Results in Canada, as reported previously, were weak as a

result of the reorganisation of a production area with harvest of small-sized

fish.

The Group's EBIT was NOK 6.38 per kg (NOK 1.21 per kg). Rogaland achieved an

EBIT of NOK 9.07 per kg (NOK -0.41 per kg), while Finnmark reached an EBIT of

NOK 8.97 per kg (NOK 1.36 per kg). The EBIT in Shetland also showed a strong

increase and reached NOK 7.43 per kg (NOK -2.28 per kg), while the result in

Canada was reduced to NOK 0.18 per kg (NOK 9.14 per kg).

The salmon market in the first quarter was affected by a further decline in the

supply from Chile. The supply side shortage has led to an unusually tight salmon

market and high prices globally. Salmon prices were at seasonally record high

levels throughout the quarter.

The harvested volume in the first quarter totalled 18 080 tons, an increase of

96.4% from the same period last year. Sales revenues increased with 118% to NOK

618.9m in first quarter 2010.

The pre-tax profit in the first quarter was NOK 357.3m, compared with NOK

171.0m in the corresponding period last year. The equity ratio at the end of the

first quarter was 42.7%

Both higher salmon prices and lower production costs contributed to the

considerably improved profits. Fixed price contracts have reduced the positive

effect of the high salmon prices. Fixed price contracts accounted for 25% of the

total sales volume in Norway.

Cash flow from operations was NOK 246.6m in first quarter 2010, compared to NOK

12.6m in the same quarter in 2009.

Outlook

The salmon market is expected to remain tight for the next couple of years due

to restrictions on the supply side. Offers from Chile are not expected to pick

up again until the second half of 2011, at the earliest.  Currently, there is

also only limited available production capacity under existing licences and

production regimes in other fish farming regions globally.

Despite difficult economic times globally and increased salmon prices, the

demand has so far proved to be robust.

Grieg Seafood can report a positive trend in production costs in most production

areas, and the improvement in operations is expected to be maintained. An

improved fish health situation and lower mortality will also contribute to lower

production costs. In BC in particular we expect to see normalised margins and

lower production costs from the second quarter.

Grieg Seafood's estimated harvest volume in 2010 remains at 68,000 tons, in

accordance with current production plans, an increase of close to 40% compared

to 2009. This is in spite of slightly lower sea water production in the first

quarter. The main growth period lies ahead of us and this will be decisive for

the actual harvest volumes in the period ahead.

Dividend

On 26 April 2010, the board of directors in Grieg Seafood proposed to pay a

dividend of NOK 0.25 per share for the year 2009. The Annual General Meeting

will be held on 27 May 2010. The Grieg Seafood share will be quoted ex-dividend

on 28 May 2010.

For further information, please contact:

CEO Morten Vike (Cell phone: +47 994 911 65)

CFO Atle Harald Sandtorv (Cell phone: +47 908 45 252)

For further information, please see www.griegseafood.no

.

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

(Norwegian Securities Trading Act)

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