In the 4th quarter 2006 Marine Farms achieved total sales in the amount of NOK 155.0 mill, a 34% increase compared to the same period last year. For the year 2006 revenue was up 42% compared to 2005. In the 4th quarter 2006 EBIT before fair value adjustment biomass ended at NOK 16.3 mill, compared to NOK 16.0 mill the previous year. EBIT before fair value adjustment biomass for the year 2006 amounted to NOK 94.2 mill, which is the best year ever for the group. The operating profit for 2006 includes NOK -13 mill in provisions and net extraordinary items.

• Lakeland was one of the most profitable salmon producers in the UK in 2006, with an EBIT/kg gwt sold fish of NOK 9.9. In the 4th quarter of 2006, Lakeland generated some NOK 7.9/kg gwt sold fish. Production costs for salmon increased during 2006, mainly due to higher feed prices.
  
• The Culmarex group was one of the largest and most profitable seabass/seabream producers in Spain in 2006, with an EBIT/kg sold fish of approximately NOK 11.3. In the 4th quarter of 2006, Culmarex obtained an EBIT per kg sold fish of approximately NOK 11.8. In 2006, Culmarex managed to reduce its average production cost and improve its average growth rate. The market for seabass/seabream in Spain at year end 2006 where considered to be at least as good as at year end 2005.
  
• Cobia juveniles have been put into sea both in Belize and in Vietnam. In Belize the mortalities have been low and the fish is growing according to plan. In Vietnam, the mortalities have been higher. First priority is to get Belize up and running. The experience gained in Belize will then be used to develop Vietnam.
  
• The group's financial position is strong. Equity per 31.12.2006 was NOK 405 mill (47.4% equity ratio), compared to NOK 209 mill (34.9%) at year end 2005. Net interest-bearing debt per 31.12.2006 amounted to NOK 227 mill, an increase of NOK 8.5 mill compared to year end 2005. As per 19.02.2007 the group had NOK 170 mill in free cash and available credit facilities.
  
• On Monday the 26th of February 2007, Culmarex signed the final agreement to acquire Cultivos del Ponto for approximately EUR 3 mill (EV basis). Cultivos Del Ponto has cage farming activities located on the Andalucian coast in the area around Malaga, Spain. The company currently holds about 600 tonnes of seabass.
  
• The Company's geographical diversification and the diversity of species, plus having most of its production inside the EU, makes Marine Farms less susceptible to political risk and cyclic fluctuations. Over the past few years, the company has acquired new businesses both in the UK and in Spain. The focus on bigger and more efficient business units will continue. The Company is well positioned for further growth.

We refer to the (i) Consolidated report per 4th quarter 2006 (IFRS), (ii) 4Q 2006 presentation as well as (iii) Annual report for 2005 (IFRS).

For further information, please contact Bjørn Myrseth or Pål Angell-Hansen:
Tel: +47 55 90 44 70
e-mail: bjø This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Web: www.marinefarms.no

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