Marine Farms ASA

Marine Farms ASA (OSL:MAFA) In the third quarter 2008, Marine Farms obtained a net profits of NOK 27.8 mill compared to NOK 24.9 mill in the same period last year. Its salmon operations in the UK continue to do well, generating an EBIT/kg gwt sold salmon of NOK 7.4. Its seabass/seabream operations in Spain experienced a drop in profit, mainly due to historically low seabream prices as well as increased production costs. The group's financial position is solid. At the end of September 2008, equity amounted to NOK 490 mill (39.6% equity ratio). As pr 30.09.2008, the group had approximately NOK 270 mill in free cash and available credit facilities.

Marine Farms ASA (OSL:MAFA) Reference is made to the press release dated the 3rd of July 2008, where it was announced that the wholly-owned subsidiary Lakeland Marine Farms Ltd had entered into an agreement with Lighthouse Caledonia ASA to purchase 2 salmon licences, including equipment. On the 2nd of October 2008 the final agreement was signed.

Marine Farms ASA (OSL:MAFA) In the second quarter of 2008, Marine Farms experienced mixed profitability. Its salmon operations in the UK did very well, generating an EBIT/kg gwt sold salmon of NOK 7.9. Its seabass/seabream operations in Spain, however, generated a loss, mainly due to extraordinary costs in connection with turning around companies acquired in 2007. The underlying business in Spain is still performing well. The group's financial position is strong. At the end of June 2008, equity amounted to NOK 445mill (40.9% equity ratio). As pr 30.06.2008, the group had approximately NOK 280 mill in free cash and available credit facilities.

Marine Farms ASA Lakeland Smolt Ltd, a 100% owned subsidiary of Marine Farms ASA, announces that its wholly-owned subsidiary Lakeland Marine Farms Ltd has agreed to purchase 2 salmon licences, including equipment, from Lighthouse Caledonia ASA, increasing annual production capacity by approximately 1,500 tonnes gwt salmon (+15%).

Marine Farms ASA Culmarex S.A., a 100% owned subsidiary of Marine Farms ASA, announces that its wholly-owned subsidiary Cultivos del Ponto SL (Ponto) has been granted a new concession from the Spanish authorities near Motril, Andalucía. The new site is located midway between two existing farms located in Malaga and Almeria and has an annual production capacity of 1,800 tonnes seabass/seabream.

Marine Farms ASA On Tuesday 18th of June 2008, Marine Farms accepted a committed term sheet from DnB NOR Bank for a new NOK 240 mill multicurrency facility. This will be in addition to the NOK 510 mill multicurrency facility already in place. The plan is to sign the final agreement by the end of June 2008.