Culmarex S.A., a 100% owned subsidiary of Marine Farms ASA, has signed a Letter of Intent to purchase 100% of the shares in Cultivos del Ponto, a Spanish seabass company. With this acquisition, Culmarex's annual production capacity will increase by approximately 3,000 tonnes, to approximately 9,000 tonnes. This will result in Marine Farms becoming the largest producer of seabass and seabream in Spain and one of the largest in the Mediterranean.

• Cultivos del Ponto has cage farming activities located on the Andalucian coast in the area around Malaga, Spain. The company currently holds about 400 tonnes of seabass. However, it has 3 relatively large concessions with a potential annual production capacity of about 3,000 tonnes. The Company did not make money in 2006.
• The purchase fits well with the strategy to strengthen Marine Farms's cage farming activity in Spain, possibly one of the most attractive regions for farming in the Mediterranean due to its proximity to the large Spanish cities.
• The transaction is valued at approximately EUR 3 mill. The purchase is subject to normal due diligence and board approval. The transaction is planned to take place in February 2007.

Culmarex is today a vertically integrated supplier of seabass and seabream, and conducts all parts of the production process, from broodfish, hatchery production and pre-ongrowing of juveniles to on-growing in cages. Seabass and seabream from Culmarex are regarded as the reference point of quality in the Spanish market. The group was one of the most profitable seabass/seabream producers in Spain in 2005, with an EBIT/kg sold fish of approximately NOK 11.2. Culmarex will harvest and sell approximately 4,500 tonnes of seabass and seabream in 2007.

Following the acquisition of Cultivos del Ponto, Culmarex will have a capacity of approximately 9,000 tonnes. Culmarex will continue to seek volume growth in 2007, both by way of expansion of existing concessions and through acquisitions.

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