The Board of Directors of Marine Farms ASA ("Marine Farms") has on 2 February 2007 completed a private placement of 3,300,000 new shares at a subscription price of NOK 18.20 per share.

The private placement proceeds shall be used to finance the expansion of Marine Farms' Spanish seabass and seabream operations, hereunder the planned acquisition of Cultivos del Ponto. Marine Farms is in the process of completing the due diligence process in connection with the Cultivos del Ponto acquisition, and expects to complete the transaction in line with the terms indicated in the stock exchange announcement on 2 January 2007.

Marine Farms' seabass and seabream operations in Spain is run through its 100% owned subsidiary Culmarex S.A. Culmarex is today a vertically integrated supplier of seabass and seabream, conducting 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 has been profitable every year since 1992 and was one of the most profitable seabass/seabream producers in Spain in 2005, with an EBIT/kg sold fish of approximately NOK 11.2.

Following the Cultivos del Ponto acquisition, Marine Farms' annual production capacity in Spain will increase by approximately 3,000 tonnes, to approximately 9,000 tonnes, and Marine Farms will become the largest producer of seabass and seabream in Spain and one of the largest producers in the Mediterranean.

Upon registration of the new shares issued in the private placement, Marine Farms' share capital will increase from NOK 66,637,256 to NOK 73,237,256, and the number of shares, each with a par value of NOK 2.00, will increase from 33,318,628 to 36,618,628.

The private placement was managed by ABG Sundal Collier.

Marine Farms ASA
2 February 2007

For further information, please contact (telephone +47 55 90 44 70):
Pål-Angell Hansen, CFO
www.marinefarms.no