NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, SOUTH
AFRICA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION
OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF
ANY OF THE SECURITIES DESCRIBED HEREIN.
 
Reference is made to the contemplated merger between Statt Torsk ASA (the
"Company" or "Statt Torsk") (as the transferring company) and Vesterålen Havbruk
Statt AS, a wholly owned subsidiary of Vesterålen Havbruk AS (as the acquiring
company), with consideration to the shareholders of the Company in the form of
shares in Vesterålen Havbruk AS (the "Merger"), whereby the Merger will result
in a delisting of the Company's shares from Euronext Growth Oslo. Further
reference is made to the stock exchange notice published by the Company on 3
November 2023 regarding a potential equity raise in Vesterålen Havbruk AS.

Vesterålen Havbruk AS hereby announces a contemplated private placement of new
shares in Vesterålen Havbruk AS (the "Offer Shares") to raise gross proceeds of
between NOK 50 million and NOK 100 million (the "Private Placement"). Vesterålen
Havbruk AS has engaged Pareto Securities AS and SpareBank 1 Markets AS as joint
lead managers and joint bookrunners (collectively referred to as the "Managers")
to advise on and effect the contemplated Private Placement.

The offer price is fixed at NOK 25.00 per Offer Share (the "Offer Price"). The
total number of Offer Shares to be issued in the Private Placement will be
determined by the board of directors of Vesterålen Havbruk AS (the "Vesterålen
Board") in consultation with the Managers.

The net proceeds from the Private Placement will be used to finance the
juveniles and on growth for both production regions (Region North and Region
South) in 2024, complete the restructuring of Statt Torsk, strengthen the
working capital of Vesterålen Havbruk AS and its subsidiaries ("Vesterålen
Group") due to increased production of finished goods, as well as for general
corporate purposes.

Certain existing shareholders of Vesterålen Havbruk AS and the Company have
pre-committed to subscribe for Offer Shares at the Offer Price in the Private
Placement for a total amount of approximately NOK 50 million which will be
partially settled by conversion of outstanding amounts under loan notes issued
by Vesterålen Havbruk AS in H2 2023 and partially in cash.

The Private Placement will be directed towards existing shareholders in
Vesterålen Havbruk AS and the Company, selected Norwegian and international
investors, in each case subject to and in compliance with applicable exemptions
from relevant prospectus, filing and other registration requirements.

The application period for the Private Placement will commence today, on 22
November 2023 at 09:00 hours (CET) and end on 24 November 2023 at 16:30 hours
(CET) (the "Application Period"). Vesterålen Havbruk AS may, however, at any
time resolve to shorten or extend the Application Period at its sole discretion
and for any reason. The completion of the Private Placement by the delivery of
the Offer Shares is subject to (i) the Vesterålen Board resolving to consummate
the Private Placement and conditionally allocate the Offer Shares, (ii) an
extraordinary general meeting expected to be held on or about 29 November 2023
(the "EGM") in Vesterålen Havbruk AS resolving to approve the Private Placement
and issue the Offer Shares, (iii) the allocated Offer Shares being validly
subscribed for at or following the EGM, (iv) payment being received for the
allocated Offer Shares, (v) the share capital increase pertaining to the
issuance of the Offer Shares being registered with the Norwegian Register of
Business Enterprises and the Offer Shares being registered in the Company's
register of shareholders or, if the shares in the Company at that time has
become registered with such securities depository, the Offer Shares being
validly issued and registered in the Norwegian Central Securities Depository
(Euronext Securities Oslo or the "VPS"). Items (i) to and including (v) in the
foregoing are referred to as the "Conditions". The Private Placement is not
subject to the Merger. The Private Placement may be cancelled if the Conditions
are not fulfilled and may be cancelled by Vesterålen Havbruk AS in its sole
discretion for any other reason. Neither the Managers nor Vesterålen Havbruk AS
will be liable for any losses if the Private Placement is cancelled,
irrespective of the reason for such cancellation.

Subject to completion of the Private Placement, Vesterålen Havbruk AS and
certain large, existing shareholders (including members of the Vesterålen Board
and the CEO and CFO of Vesterålen Havbruk AS) have agreed to a customary lock-up
period of six months.

The allocation of Offer Shares will be determined following the application
period, and the final allocation will be made at the sole discretion of the
Vesterålen Board (in consultation with the Managers). The Vesterålen Board will
focus on criteria such as (but not limited to) pre-commitments, existing
ownership in Vesterålen Havbruk AS and the Company, timeliness of the
application, relative order size, sector knowledge, perceived investor quality
and investment horizon.

Notification of conditional allocation and payment instruction is expected to be
sent by the Managers on or about 27 November 2023, subject to any shortening or
extensions of the Application Period.

The payment date in the Private Placement is expected to be on or about 30
November 2023. The Offer Shares are expected to be delivered to the applicants
on or about 18 December 2023 (the "Delivery Date"). On the Delivery Date, the
applicant will either be entered into the Company's shareholders register with
the allocated shares or, if the shares in Vesterålen Havbruk AS at that time has
become registered with such securities depository, the Offer Shares will be
issued and registered in VPS as soon as practicable after the EGM (as defined
below) and the Offer Shares will be delivered to the applicants VPS account.
Delivery of the Offer Shares is subject to full payment for the Offer Shares
being received and the Conditions being met.

The Vesterålen Board has considered the structure of the contemplated offering
of new shares in light of the equal treatment obligations under the Norwegian
Private Limited Companies Act and is of the opinion that the proposed Private
Placement is in compliance with these requirements.
 
Advokatfirmaet Thommessen AS is acting as legal counsel to Vesterålen Havbruk AS
and Advokatfirmaet Wiersholm AS is acting as legal counsel to the Managers in
connection with the Private Placement.

For further information, please contact: 
Brynjar Kværnstuen, CEO 
Email: brynjar@vesteralenhavbruk.com
Martin Kværnstuen, CFO 
Email: martin@vesteralenhavbruk.com

About Vesterålen Havbruk AS: Vesterålen Havbruk AS is a white fish group
primarily located in Øksnes and Bø municipality. The company's subsidiaries are
involved in harvesting of farmed cod, processing facility for wild and farmed
cod/salmon, and are also running a traditional fish reception. In Q4 2023 the
company will have the first operational stun and bleed vessel delivered,
specialized for farmed cod. The company has already conducted one production
cycle on farmed cod in the Northern areas. Vesterålen Havbruk AS employs 200
people and are privately held. For more information, please visit:
www.vesteralenhavbruk.com/en/rapporter.


IMPORTANT NOTICE: 
This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of Vesterålen Havbruk AS.
Copies of this announcement are not being made and may not be distributed or
sent into any jurisdiction in which such distribution would be unlawful or would
require registration or other measures.
 
The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"), and accordingly may not be offered or sold in the United
States absent registration or an applicable exemption from the registration
requirements of the U.S. Securities Act and in accordance with applicable U.S.
state securities laws. Vesterålen Havbruk AS does not intend to register any
part of the offering in the United States or to conduct a public offering of
securities in the United States. Any sale in the United States of the securities
mentioned in this announcement will be made solely to "qualified institutional
buyers" as defined in Rule 144A under the U.S. Securities Act.
 
In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 as amended (together with any
applicable implementing measures in any Member State).
 
In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although Vesterålen Havbruk AS believe that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict, and are beyond its
control. Such risks, uncertainties, contingencies and other important factors
could cause actual events to differ materially from the expectations expressed
or implied in this release by such forward-looking statements. Vesterålen
Havbruk AS does not make any guarantee that the assumptions underlying the
forward-looking statements in this announcement are free from errors nor does it
accept any responsibility for the future accuracy of the opinions expressed in
this announcement or any obligation to update or revise the statements in this
announcement to reflect subsequent events. You should not place undue reliance
on the forward-looking statements in this announcement.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. Vesterålen Havbruk AS does not undertake any obligation to review,
update, confirm, or to release publicly any revisions to any forward-looking
statements to reflect events that occur or circumstances that arise in relation
to the content of this announcement.

Neither the Managers nor any of its affiliates makes any representation as to
the accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of Vesterålen Havbruk AS. Neither
the Managers nor any of its affiliates accepts any liability arising from the
use of this announcement.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.