Grieg Seafood ASA - 3rd quarter 2007 

The 3rd quarter of 2007 was the first full quarter
for Grieg Seafood as a listed company and after the
takeover of Hjaltland (Shetland, UK). The ambitious
plan for the company has been presented in the IPO
prospect, and as such the quarter progressed well
towards development and utilisation of the
potential capacity of the group.

Total operating income for the third quarter 2007
was MNOK 315,1 an increase from MNOK 108,8 compared
to the same period last year. The increase is
primarily due to acquisitions. EBIT before fair
value adjustments for the third quarter 2007 is
MNOK 5,1 compared to MNOK 34,7 in Q3 2006.
The financial results were disappointing due to
several factors. The first being a sharp drop in
the prices for the company`s products, due to
market unbalance. The second being health and
environmental issues in some of our regions, with a
net write down effect of MNOK 19,0 in the quarter.
In addition, major extension work on two of our
harvesting plants during the summer and fall, has
further reduced the harvesting. A total of MNOK 5,0
of these costs are expensed during the quarter.

After the end of the quarter the market conditions
have improved somewhat, and we expect the market
balance to improve during 2008.  The health
situation on our farms has also improved.

The investment programs for smolt, sea production
and harvest plants progress as planned. The
company`s smolt supplies for 2008 are secured, and
the company aims to be self sufficient with smolt
in 3 of 4 regions in 2009. In the fourth region,
UK, long term contracts secure the supply.

The company has made an agreement for refinancing
of all the groups debt, and extending the credit
and loan facilities with MNOK 400 to MNOK 1.400 in
total, with a consortium of Norwegian banks.

For further information, please contact

Eirik Bloch Haugland, Chief Financial Officer,
mobile +47 95 90 31 50
Per Grieg jr, Chief Executive Officer, 
mobile +47 90 83 16 48


Grieg Seafood ASA