Grieg Seafood — Share Issue/Capital Change 2020

Apr 14, 2020

Grieg Seafood ASA: Status acquisition of Grieg Newfoundland AS and directed private placement

Grieg Seafood ASA: Status acquisition of Grieg Newfoundland AS and directed private placement

Reference is made to the stock exchange announcement from Grieg Seafood ASA (the

"Company") released on 7 February 2020 regarding the acquisition of Grieg

Newfoundland AS (the "Transaction") as well as to the stock exchange

announcement from the Company released on 27 March 2020 regarding a direct

private placement in connection with the Transaction and 31 March 2020 pursuant

to which the parties have agreed to prolong the long stop date for the

Transaction by 14 calendar days due to the delay of certain confirmations.

These confirmations have now been obtained and the parties have agreed to

complete the Transaction on Wednesday, 15 April 2020. The up-front payment is

based on an enterprise value of Grieg Newfoundland AS of NOK 539.1 million. NOK

250 million of the up-front payment will be settled through issuance of new

shares in the Company to the sellers of Grieg Newfoundland AS. The remaining

part of the up-front payment will be settled in cash.

As the subscription period of the prior concluded private placement has expired

due to the prolongation of the long stop date, the board of the Company has on

14 April 2020 repeated its resolution to complete a directed private placement

by issuing 1,785,042 new shares (the "New Shares") in the Company to Grieg Aqua

AS, Kvasshøgdi AS, Knut Skeidsvoll and 10546569 Canada Inc (the "Private

Placement") as part of consideration for the shares in Grieg Newfoundland AS.

The subscription price for each New Share will be NOK 140.052727, equalling the

volume weighted average closing price of the shares in the Company over the

three days prior to signing the share purchase agreements, and corresponding to

a total contribution in kind of NOK 250,000,000. The New Shares shall be

subscribed on completion of the Transaction.

The completion of the Private Placement is subject to (i) completion of the

acquisition of Grieg Newfoundland AS, (ii) subscription of the New Shares by

Grieg Aqua AS, Kvasshøgdi AS, Knut Skeidsvoll and 10546569 Canada Inc, and (iii)

registration of the increased equity of the Company pertaining to the Private

Placement with the Norwegian Register of Business Enterprises and the Norwegian

Central Securities Depositary (VPS).

The New Shares will be tradeable after the conditions of the Private Placement

set out above have been fulfilled.

The Company has retained DNB Markets, a part of DNB Bank ASA, Nordea Bank Abp,

filial i Norge and SpareBank 1 Markets AS to advise on and effectuate the

Private Placement.

For more information, contact:

Andreas Kvame, CEO, Grieg Seafood ASA

+47 90 77 14 41

andreas.kvame@griegseafood.com

Atle Harald Sandtorv, CFO, Grieg Seafood ASA

+47 90 84 52 52

atle.harald.sandtorv@griegseafood.com

About Grieg Seafood

Grieg Seafood ASA is one of the world's leading salmon farmers, specializing in

Atlantic salmon. The Group has a production target of 100 000 tonnes gutted

weight in 2020. Our farming facilities are in Finnmark and Rogaland in Norway,

British Columbia in Canada and Shetland in the UK. 861 people are employed by

the Group at year end 2019.

Grieg Seafood ASA was listed at the Oslo Stock Exchange in June 2007. Our

headquarters are situated in Bergen, Norway. The business development of Grieg

Seafood ASA focuses on profitable growth, sustainable use of the ocean and being

the preferred supplier to selected customers. To learn more, please visit

www.griegseafood.com (http://www.griegseafood.com).

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act