Salmon Evolution ASA — Regulatory Filings 2023

Jun 19, 2023

Contracts awarded for Indre Harøy phase 2

Contracts awarded for Indre Harøy phase 2

Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) is

pleased to announce that it has entered into contracts with Artec Aqua and HENT

for phase 2 at Indre Harøy. Upon completion, phase 2 will add another 7,900

tonnes HOG of annual production, bringing the total planned production volume up

to 15,800 tonnes HOG per annum.

"We have now been producing salmon for almost 15 months at Indre Harøy and are

already on our 6[th] generation. Throughout this period we have seen very strong

biological performance, and although we have also had challenges, we have

demonstrated that we are capable of effectively handling demanding situations,"

Salmon Evolution CEO Trond Håkon Schaug-Pettersen said.

"We firmly believe that our highly scalable concept will play an important role

in future aquaculture, delivering high quality salmon at conventional industry

cost levels," he said.

The project will be split into two parts, with HENT taking responsibility for

civil design and construction, and Artec Aqua for design, construction and

commissioning of the process facility.

HENT is one of Norway's largest general contractors, with over 40 years of

experience in delivering large and complex construction projects to private and

public stakeholders in the Nordics. Artec Aqua is a leading supplier for land

-based aquaculture and was turnkey supplier for Indre Harøy phase 1.

"We are confident that this structure will deliver the best of both worlds,

having contracted leading experts for both the civil construction and the

process facility which we expect will ensure delivery on quality, time and

cost," Trond Håkon Schaug-Pettersen said.

Salmon Evolution has already started with the initial groundwork which will

continue over the coming months alongside project design. The project cost is

currently estimated at NOK 1.6 - 1.7 billion. As communicated earlier, Salmon

Evolution has secured debt and equity financing for the project. The project is

subject to final investment decision by Salmon Evolution upon completion of the

project design phase, expected towards the end of 2023.

"We are very satisfied with being back in production modus and are currently

seeing good appetite and normal mortality levels across the facility and very

much look forward to continue our growth plans while at the same time

incorporating the lessons learned in the next phase," Trond Håkon Schaug

-Pettersen said.

For further information, contact:

Trond Håkon Schaug-Pettersen ,CEO

thsp@salmone.no

+47 911 91 327

Trond Vadset Veibust, CFO

tvv@salmone.no

+47 480 90 595

About Salmon Evolution:

Salmon Evolution is a Norwegian land-based salmon farming company targeting a

production capacity of 100,000 tonnes HOG by 2032. The Company's core focus is

on extending the ocean's potential by transferring the best preconditions

offered by the sea to farm fish on land through its chosen hybrid flow-through

system technology (HFS). This secures a truly sustainable production process

with controlled and optimal growth conditions and limiting operational and

biological risk.

The Company's first production facility is strategically located at Indre Harøy

on the Norwegian west coast with unlimited access to fresh seawater, renewable

energy, established infrastructure, and an educated and experienced work force.

Phase 1 is already in operation and will have an annual capacity of 7,900 tonnes

HOG at steady state. Fully developed, the Indre Harøy facility will have an

annual capacity of 31,500 tonnes HOG.

The Company has also entered into a joint venture with Dongwon Industries where

the parties will develop, construct and operate a land-based salmon farming

facility in South Korea with an annual production capacity of 16,800 tonnes HOG,

using Salmon Evolution's chosen HFS technology.

Furthermore, Salmon Evolution has initiated a process with the aim of

establishing a land-based salmon farming operation in North America.

Salmon Evolution ASA is listed on Oslo Børs under the ticker SALME.

To learn more, please visit www.salmonevolution.no