Mowi ASA

Marine Harvest ASA (OSE:MHG, NYSE:MHG): Restructuring Marine Harvest Chile

As a response to the weak prices in Marine Harvest Chile's main markets for

Atlantic salmon, in addition to a challenging biology in general, Marine Harvest

Chile has decided to reduce its smolt stocking in 2015 from approx. 17 mill to

approx. 11 mill smolt. Accordingly, Marine Harvest Chile will also reduce its

manning by approx. 200 man-years. In relation to the restructuring, MHG will

make a provision of approx. USD 11 mill in the second quarter. Corresponding

cash effect is approx. USD 4 mill.

These measures are taken to contain losses for Marine Harvest Chile until the

main markets for the Chilean salmon have recovered. Meanwhile MHG's market

organization will put a large amount of effort into developing current and new

markets for the Chilean salmon through, among other things, introducing more

value added concepts and new products. Marine Harvest Chile's operating

philosophy of only producing salmon from the best licenses stands and has

positioned the company as one of the cost leaders in the region. Marine Harvest

Chile is notwithstanding continuously evaluating further measures to improve its

cost base, and will in this regards capitalize on MHG's global farming strategy

through sharing of best practices and good farming husbandry.

MHG has previously advocated that consolidation in Chile is a prerequisite for

establishing a profitable and sustainable industry in the region. MHG believes

that the current market disruptions and biological situation make this more

important than ever.

Forward-looking Statements

This press release may be deemed to include forward-looking statements. Forward-

looking statements are typically identified by words or phrases, such as

"expect" and similar expressions or future or conditional verbs such as "may",

"will", "may", "should", "would", and "could". Forward-looking statements are

Marine Harvest's current estimates or expectations of future events or future

results. Actual results could differ materially from those indicated by these

statements because the realization of those results is subject to many risks and

uncertainties. All forward-looking statements included in this press release are

based on information available at the time of the release, and Marine Harvest

assumes no obligation to update any forward-looking statement.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1932328]

AI Terminal