Pan Fish ASA takes Marine Harvest name

The name for the new company will be Marine
Harvest and the logo is a refreshed logo of Pan Fish. According to
Pan Fish, this combines a description of what the new company is doing as much
as it indicates its global ambitions. It has further been decided to use the
endorsement developed by Fjord Seafood; Excellence in Seafood – which the
company says very much describes an important part of its wider seafood
vision.

Pan Fish acquired all outstanding shares in Marine Harvest for
€1,325 million (enterprise value). The combined Pan Fish-Marine Harvest company
became the world’s undisputed leader in the fish farming business, with an
annual salmon production of 346,000 tonnes in 2006.

Pan Fish also has
bought 25.7% of the shares in Fjord Seafood from Geveran Trading, a company
controlled by John Fredriksen. The combined Pan Fish-Marine Harvest company will
account for approximately 20% of the world’s salmon production, not including
Fjord Seafood.

The new merged company will be the world’s largest
aquaculture company with a production of about 420,000-430,000 tonnes of salmon
and trout products in 2007 in about 20 countries. The company also produces
halibut, cod and yellowtail.

In addition to filet production and further
processing in Norway, Scotland, Ireland, Chile and Canada, the company has
extended value added products activities in USA, France, Belgium, Poland and the
Netherlands.

The new company will have about 9,000 employees
world-wide.

Recently Pan Fish announced its new organisation with global
management:

Corporate management

• Chief Executive Officer – Atle
  Eide as decided and communicated by the Pan Fish ASA board August 2006.

• Chief
  Operational Officer – Hans den Bieman and previous CEO of Marine Harvest. The
  main focus for the COO will be the overall operational part of the group, but it
  will be a shared management approach.

• Chief Financial Officer – Steven
  Rafferty (finance and IT). Rafferty is coming from the position as CFO in Marine
  Harvest and will formally start in his new role 1 March 2007 and will until then
  continue in his present roles, including integration management for the new
  company.

• Director Business Development & Strategy – Thomas
  Farstad. Farstad had the same position in the early integration phase of Pan
  Fish and Fjord Seafood, and prior to that held the position of Managing
  Director for Fjord Seafood Norway.

• Human Resources Director – Peter Gillies.
  Gillies comes from the position of learning & development Director in
  Nutreco, the Netherlands.

• Technology Director – Petter Arnesen,
  previously Vice President of Corporate Quality and Feed in Fjord Seafood
  ASA.

The head office, located in Oslo, is focused, lean and designed to co-operate
closely with the management teams of each business unit.

Business Unit Management

• Jo Dekeyzer is
  appointed as Managing Director Business Unit Value Added Seafood Products.
  Dekeyzer was previously Managing Director of Fjord Seafood Europe

• Marit
  Solberg is appointed as Managing Director Business Unit Norway. Solberg was
  previously Managing Director of Marine Harvest Norway

• Alan Sutherland is
  appointed as Managing Director Business Unit Scotland. Sutherland was previously
  Production Director of Pan Fish Canada.

• Torben Petersen is appointed as
  Managing Director Business Unit Chile. Petersen was previously Managing Director
  of Fjord Seafood Americas

• Vincent Erenst is appointed as Managing Director Business Unit Canada.
  Erenst was previously Managing Director of Marine Harvest North America Ireland,
  Cold Water Species, Faroes.

Pan Fish Japan and Asia are not separate business units but
report to corporate. For these organisations there are no duplications between
the companies and thus no changes in the management teams.

The Managing
Directors are as follows; Jan Feenstra for Marine Harvest
Ireland; Ragnar Joensen for Pan Fish Faroes; Magnus
Skretting for Marine Harvest Cold Water Species; Joep Kleine
Staarman for Marine Harvest Asia and Charlie Wu for
Pan Fish Japan.