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Cermaq ASA: CEQ - Sale of EWOS completed

                   Cermaq ASA: CEQ - Sale of EWOS completed

With reference to the  stock exchange notification 23  July 2013, the sale  of 
EWOS Group from  Cermaq to  Altor Fund  III and  Bain Capital  has today  been 
completed. The transaction was closed  at the previously announced  enterprise 
value of NOK 6.5 billion. Cermaq  has today received a consideration from  the 
buyers of NOK 6.2 billion. Final consideration is dependent on certain  events 
to be settled in accordance with the Share Purchase Agreement (SPA) at a later
stage. Cermaq reiterates its  previous estimates of a  gain to be reported  of 
NOK 2.0-2.5  billion and  an  extraordinary dividend  of NOK  4.5-5.0  billion 
(equivalent to NOK 48-54 per share) on the back of the transaction.

The consideration  received as  part of  the closing  reflects the  enterprise 
value of NOK  6.5 billion, adjusted  for certain items  as agreed between  the 
parties in  the  SPA, the  contingent  consideration  of NOK  180  million  in 
specific overdue receivables and  cash in EWOS at  closing, which also  result 
from cash flow generation  between signing and  closing. The adjustment  items 
consist mainly of certain supply financing and factoring arrangements in Chile
which have  been considered  as net  working capital  in Cermaq  while it  was 
agreed as a reduction to the consideration in the SPA.

The contingent consideration  of NOK  180 million  will, as  described in  the 
stock exchange  notification, be  paid upon  EWOS receiving  payment from  two 
customers in Chile. Based on current processes and the agreement between  EWOS 
Chile  and  these  customers,  Cermaq  continues  to  expect  the   contingent 
consideration to be  made in  full, but  can at  this stage  not provide  more 
information with regards to the timing of such expected payments.

The buyers  have waived  the  potential request  for  a time  limited  back-up 
facility  of  NOK  260   million  in  Cermaq   or  alternatively  a   deferred 
consideration  of  NOK  130  million  relating  to  certain  supply  financing 
arrangements. The proceeds received are therefore not reduced for any supplier
financing support.

The consideration received  at closing  is based on  estimates by  the end  of 
October with  regards to  net  working capital  and certain  adjustment  items 
agreed in  the SPA.  The final  consideration will  be based  on a  completion 
statement and may be adjusted for changes in such items as commented above and
the actual net working capital per closing compared to the normalized level as
defined in the agreement between the parties. Finalization of the processes to
conclude the  completion statement  follows specific  and standard  procedures 
stated in the SPA and are expected to be completed before year end.

Out of the proceeds received,  NOK 923 million will  be directed to the  early 
redemption of  Cermaq outstanding  bond  as announced  in the  stock  exchange 
notification 22  July 2013.  Bond  Investors can  expect  their notes  to  be 
redeemed on 5 November 2013.

Based on  the estimated  net assets  as  of closing  of the  transaction,  the 
reported gain is still considered to be  between NOK 2.0 and 2.5 billion.  The 
estimated extraordinary dividend remains at  NOK 48-54 per share. In  addition 
to proceeds  received,  the  proposed  dividend will  depend  on  the  ongoing 
refinancing of Cermaq as well as updated cash flow projections for Cermaq  for 
2014. It is currently expected that an extraordinary shareholders meeting will
be held late December 2013 to decide on the extraordinary dividend.

- The process  for completing  the sale  of EWOS has  been very  good and  the 
outcome is in line with our expectations, says CEO Jon Hindar in a comment  to 
the closing of the transaction.

- I trust that  this transaction will provide  good development prospects  for 
EWOS, its employees and  the new owners, and  Cermaq look forward to  continue 
the strong and  important collaboration  with EWOS  in the  coming years,  Jon 
Hindar concludes.

For further information please contact:
CEO Jon Hindar ph. +47 23 68 50 10 mobile: +47 977 48 829
CFO Tore Valderhaug ph. +47 23 68 50 38 mobile: +47 995 60 925

About Cermaq - Cermaq is one of the world's leading companies in farming of
salmon and trout, with operations in Norway, Chile and Canada. In 2012 the
farming business had sales of around NOK 3.3 billion, and a total harvested
volume of 120,000 tonnes. Cermaq's feed business unit EWOS was sold in 2013.
Cermaq is listed on the Oslo stock exchange with ticker code CEQ.

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: Cermaq ASA via Thomson Reuters ONE
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