Proximar Seafood AS signs a contract with Techno Ryowa Ltd, a Japan based
engineering company for the equipment and installation related to heating,
ventilation, and air conditioning (HVAC). The contract is the final CAPEX
intense fixed price contract for the company's land-based salmon farming
facility in Japan. The contract value is in line with the budgeted costs.

"We have now executed and signed all important contracts for the construction
and installation of our state-of-the-art land-based facility in Japanand are on
track to deliver on time and cost. We are pleased to see our many years of
preparations  and patience is paying off well", says CEO Joachim Nielsen in
Proximar Seafood.

The construction progress of Proximar's first facility is moving ahead as
planned on its first RAS (recirculation aquaculture system) facility under
construction in Oyama town at the foot of Mt. Fuji in Japan. Production is
planned to start up in the third quarter this year, when the first eggs will be
brought into the hatchery.

"The high degree of fixed costs and low impact of the pandemic puts us in a
unique position to follow our business plan and finish the project on time and
within budget. With a high degree of fixed costs, our estimate of CAPEX around
NOK 193 /kg (including land) is maintained, and we are therefore well-positioned
in terms of our business plan."

Despite travel restrictions due to the pandemic, the construction progress has
been unaffected. Japan is currently opening its strict travel restrictions,
enabling Proximar to finally strengthen its presence of on-site management.
Currently, Proximar is also successfully staffing up the operational capacities,
with experienced people from RAS-farming of Atlantic salmon.

The increase of material costs during the last year has not had any substantial
impact on Proximar's construction costs following the high level of fixed price
contracts. The exposure to fluctuating prices for materials and equipment has
proven to be limited. The signing of the contract with Techno Ryowa brings the
level of fixed price contracts to above 95 per cent of the estimated CAPEX. 

For more information, please contact:
Joachim Nielsen, CEO, +47 92 85 55 59, jn@proximar.com
Pål K. Grimsrud, CFO, +47 99 47 75 99, pkg@proximar.com 

About Proximar: 
Proximar Seafood is a Norwegian land-based salmon farming company with its first
production facility under construction at the foot of Mount Fuji in Japan.
Through land-based fish farming, the company will serve the Japanese market with
fresh Atlantic Salmon, harvested the same day. Proximar's location, in one of
the world's most important fish markets, implies significant advantages, both in
terms of reduced cost and carbon footprint.

About Techno Ryowa Ltd:
Techno Ryowa Ltd is a Japan-based company principally engaged in the design and
construction of air conditioning and sanitary equipment technology, sale, repair
and renovation of cooling (air conditioning) equipment, as well as the research
of related to each business activities. The Equipment Construction segment is
mainly engaged in the design and construction of equipment on air conditioning
and sanitary equipment technology, the design and construction of electrical
equipment work, as well as the sale of cooling and heating equipment associated
with related works. The Company employs approximately 850 people and is listed
on the Tokyo Stock Exchange.