Grieg Seafood acquires remaining 51.3% of Erfjord Stamfisk AS

Grieg Seafood today entered into an agreement to acquire the remaining 51.3% of

the shares in Erfjord Stamfisk AS from Erfjord Næringsutvikling AS. The

acquisition price is NOK 45 million. Grieg Seafood will after the transaction

hold 100% of the shares in Erfjord Stamfisk. The transaction is subject to no

major conditions from the Norwegian Competition Authority for the transaction to

be completed in accordance with the Norwegian Competition Act. The transaction

is expected to be completed by mid February 2011.

In 2010, Erfjord Stamfisk had a turnover of appr. NOK 109 million and an EBIT of

appr. NOK 23 million. Net interest bearing debt was NOK 25 million per 31

December 2010.

Erfjord Stamfisk holds 3 brood stock production licenses and one R&D license and

is situated in the Suldal municipality in the county of Rogaland in southern

Norway. The two latest production licenses were granted in 2010. In 2010,

Erfjord Stamfisk sold appr. 68 million ova (roe) and had a harvest volume of

appr. 1,800 tons (gwe). In 2011, the harvest volume is expected to be 1,800 tons

(gwe).

Erfjord Stamfisk holds 27.5% of the shares in the breeding company SalmoBreed.

Furthermore Erfjord Stamfisk holds 34% of Salten Stamfisk in the county of

Nordland in northern Norway.

Erfjord Stamfisk will be consolidated and reported as part of region Rogaland

from Q1 2011. Up until 2010, Grieg Seafood's share of Erfjord Stamfisk has been

reported as an associated company as part of financial items.

For further information, please contact:

CEO Morten Vike, Grieg Seafood ASA, cell phone: +47 994 911 65

Regional director Alexander Knudsen, Grieg Seafood Rogaland, cell phone:

+47 952 09 925

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

(Norwegian Securities Trading Act)

[HUG#1481666]

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