June 21, 2007

Cermaq approves significant investment programme for Norwegian fish feed factory

Press release

Cermaq's board of directors has approved plans for a significant investment programme in the company's EWOS fish feed factory in Floro, Norway. This includes a new production line, docking facilities, and increased storage capacity for raw materials.

The first stage of this investment will amount to approximately Nok565 million (about US$94.187 million), which will increase capacity by 120,000 tonnes, provide for additional flexibility in raw material usage, and improve logistics.

Of the Nok565 million, Nok350 million has been set aside for increasing capacity. Cash outlay related to this investment will be split between 2008 and 2009.

The second stage will increase capacity by an additional 120,000 tonnes, at an estimated cost of Nok190 million. This stage is not expected before 2011, and its implementation will depend on continued growth in Norwegian salmon production.