Culmarex S.A., a 100% owned subsidiary of Marine Farms ASA, announces that its wholly-owned subsidiary Granja Marina Bahia de Santa Pola S.A.U. (Gramabasa) has obtained approval to acquire the title of the concession of the neighbouring company C.I.M. Delta del Vinalopo. The new concession has an annual production capacity of 1,200 tonnes seabass/seabream.

• On the 5th of August 2007, Gramabasa announced that it had agreed to purchase the assets and fish stocks of the neighbouring company C.I.M. Delta del Vinalopo for a total of EUR 2.2 mill.
• Gramabasa will pay an additional EUR 0.6 million to the owners of Delta de Vinalopo following the completion of the change of title and increase in licensed production capacity, as foreseen in the original agreement.
• The new concession is located next to the two existing sites owned by Gramabasa in the Santa Pola Bay, near Alicante. There should be significant synergies in operating the 3 sites together, with an annual production capacity of 3,500 tonnes seabass/seabream.

Culmarex is a vertically integrated Spanish supplier of seabass and seabream, and conducts all parts of the production, from broodfish through the pre-ongrowing of juveniles and onto the market. Culmarex has close to 300 employees and is renowned for its good service and high quality products. This is reflected in the price the company achieves in the market for its fish.

With this expansion, Culmarex's annual production capacity increases to approximately 10,200 tonnes, further strengthening Culmarex's position as the largest producers of seabass and seabream in Spain. Culmarex will continue to seek volume growth, by expansion of existing concessions and through further acquisition opportunities.

For further information, please contact Bjørn Myrseth or Pål Angell-Hansen:
Tel: +47 55 90 44 70
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