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Operational EBIT of NOK 720 million in the third quarter

BERGEN, Norway, Oct. 28, 2015 (GLOBE NEWSWIRE) -- Marine Harvest achieved an operational EBIT of NOK 720 million in the third quarter of 2015, compared to NOK 912 million in the corresponding quarter of 2014.

Supported by the operating results, a strong forward market, good cash flow, and a solid financial position, the Board has resolved a quarterly dividend of NOK 1.40 per share.

- I am very pleased with another record-breaking quarter in Marine Harvest Fish Feed. There is a strong demand for salmon in Europe and the market balance for 2016 is expected to remain tight, says CEO Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues of NOK 6 910 million (NOK 6 202 million) in the third quarter of 2015. Total harvest volume were 105 963 tonnes in the quarter (107 333 tonnes). Harvest guidance for 2015 is 425 000 tonnes, 5 000 tonnes lower than the previous guidance. Guidance for 2016 is 440 000 tonnes.

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 10.11 (NOK 9.71) in the third quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of NOK 6.14 and NOK 1.36 respectively (NOK 9.95 and NOK 4.70). Salmon of Chilean origin reported operational EBIT per kilo of NOK -6.50 in the quarter (NOK 6.06). The figures include contribution from Sales and Marketing, including Consumer Products. Consumer Products reported an operational EBIT of NOK 41 million compared to NOK 44 million in the third quarter of 2014. Fish Feed reported an operational EBIT of NOK 73 million (NOK 20 million).

-The production cost in the quarter is high due to biological issues and negative impact from currency. Increasing sea lice mitigation cost in Norway is a concern. Sea lice are the industry's biggest challenge. To combat this, Marine Harvest has implemented a new sea lice management strategy, says Aarskog.

For further information, please contact:
Ivan Vindheim, CFO, Mobile: +47 958 71 310
Kim Galtung Døsvig, IR Officer & Head of Treasury, Mobile: +47 908 76 339

About Marine Harvest Group
Marine Harvest Group is the world's leading seafood company and largest producer of farmed salmon, with presence in 24 countries and a total of 11 700 employees worldwide. The company is headquartered in Bergen, Norway, and is listed on the Oslo Stock Exchange and New York Stock Exchange (NYSE). Please see www.marineharvest.com for further information.

Forward looking statements

This release may be deemed to include forward-looking statements, such as statements that relate to Marine Harvest's goals and strategies, salmon prices, ability to increase or vary harvest volume, production capacity, trends in the seafood industry, restructuring initiatives, exchange rate and interest rate fluctuations, expected research and development expenditures, business prospects and positioning with respect to market, demographic and pricing trends, strategic initiatives, and the effects of any extraordinary events and various other matters (including developments with respect to laws, regulations and governmental policies regulating the industry and changes in accounting policies, standards and interpretations) on Marine Harvest's business and results. Forward-looking statements are typically identified by words or phrases, such as "believe," "expect," "anticipate," "intend," "estimate," "may increase," "may fluctuate," "plan," "goal," "target," "strategy," and similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could." Forward-looking statements are Marine Harvest's current estimates or expectations of future events or future results. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties. Marine Harvest ASA's registration statement on Form 20-F filed in 2014, including the section captioned "Risk Factors," contain additional information about factors that could affect actual results, including: changes to the price of salmon including the value of our biological assets; hedging risks; risks related to fish feed; economic and market risks; environmental risks; operational risks; risks related to escapes, disease and sea lice; product risks; risks related to our acquisitions; financing risks; regulation risks including relating to food safety, the aquaculture industry, processing, competition and anti-corruption; trade restriction risks; litigation risks; tax and accounting risks; strategic and competitive risks; and reputation risks. All forward-looking statements included in this release are based on information available at the time of the release, and Marine Harvest assumes no obligation to update any forward-looking statement.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Interim Report Q3 2015 http://hugin.info/209/R/1961943/715488.pdf
Presentation of 3rd Quarter 2015 http://hugin.info/209/R/1961943/715489.pdf

HUG#1961943

Source:Marine Harvest ASA