Nordic Aqua Partners strenthens management Appoints Ragnar Joensen as new CEO and Atle Eide as new chairman

08 Mar 2023 18:31 CET

Nordic Aqua Partners (NOAP) takes measures to strengthen the company's
management team, appointing Ragnar Joensen new CEO and adding extensive industry
experience to the board electing Atle Eide, Therese Log Bergjord and Aino
Olaisen as new directors.

Mr. Joensen has more than 25 years experience from land-based salmon farming ,
making him one of the most experienced executives within the industry. His
proven track record from Mowi and other companies, includes the role as member
of Mowi group management responsible for farming in Norway as well as the role
as director of Technology. Moreover Joensen has together with the Viga family
been responsible for building up Tytlandsvik Aqua.

As senior executive with experience from both salmon farming and private equity
Atle Eide has a proven track-record in building industry leading companies in
the seafood industry bringing all important competence to the board. Therese Log
Bergjord, CEO of Skretting, has long term experience from global aquaculture
bringing a wealth of experience from long term operating in China. As chairman
and part-owner of Nova Sea, Aino Olaisen, will bring extensive competence in
building high performing company cultures.

For the for the initial phase of the NOAP growth journey, Mr Joensen has held
the position as working executive chairman. He will now devote his full capacity
and competence to ensure operational performance as the company is entering its
operational phase.

"We are preparing the organisation for further growth, and with the inclusion of
the new board members we bring on board competence and experience that will be
highly valuable for the development of the company. It all comes down to
building a strong team, with the ability to deliver operational excellence.
After having raised NOK 300 million in new equity NOAP is now fully financed for
8 000 tons", says Mr. Joensen.

Nordic Aqua Partners is a pioneer and first mover in land-based salmon farming
production and a first mover in China. The company has high ambitions for future
growth. The company is well underway toward first harvest is Q1 2024, expecting
to reach an annual run rate production of 8 000 tons by the end of 2025. Current
business plan aim for an annual production of 20,000 tonnes, while the long term
objective is to reach a production of 50 000 tons per year thorough a stepvice
expansion of the operations in China. However, a key focus for the company is to
maintain and maximize financial flexibility. NOAP will therefore ensure that
further expansion plans are fully funded before initiated.

As part of the restructuring, Ove Nodland, Chairman and CEO of Nordic Aqua
(Ningbo) Co. Ltd, the 100% owned Chinese subsidiary of NOAP, will step down from
the board in NOAP. He will remain in the company, continuing his strong efforts
to maintain relations to and reassuring collaboration with the local government
in China and to develop the company to commercialisation and further growth.

Ole Juul Jørgensen and Tore Hopen will step down from their positions as CEO and
board member.

"We would like to thank Tore Hopen for his role as board member since 2022 and
Ole Juul Jørgensen who has been a part of NOAP since 2016, and latest years has
held the role as CEO. We appreciate their strong contribution to develop NOAP to
where the company is today", says Mr. Joensen.

Vegard Gjerde and Knut Nesse will continue in their roles as board members.

For further information please contact:

Hjalti Hvítklett, CFO Nordic Aqua Partners

hjalti@nordicaquapartners.com

+298 221 222

About Nordic Aqua Partners

Nordic Aqua Partners is a Nordic land-based salmon farming company, using
cutting-edge Nordic technology and expertise to set up the first fully
integrated and commercially scaled Recirculating Aquaculture System [RAS] farm
for Atlantic salmon located in Ningbo, China. With operations in place, Nordic
Aqua Partners will be the first local producer of truly sustainable and fresh
salmon to the Chinese market. The current business plan is for an annual
production of 20,000 tonnes HOG. Nordic Aqua Partners A/S is listed at Euronext
Growth under the ticker NOAP.

To learn more, please visit www.nordicaquapartners.com

This information is subject to the disclosure requirements pursuant to the EU
Market Abuse Regulation Article 19 and section 5-12 of the Norwegian Securities
Trading Act.

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