ANOTHER QUARTER WITH STRONG MARGINS

(Glyvrar, Faroe Islands 24 May 2011) Bakkafrost had
another strong quarter and made an operational EBIT
of DKK 92.0 million in the first quarter of 2011,
corresponding to an EBIT/kg of DKK 16.85 (NOK 17.68).
The result was based on a continuing sustainable
biological operation and high market prices, where
the farming segment made substantial profit, and the
VAP segment contributed with a positive operational
result. The result after taxes for Q1 2011 was DKK
103.5 million.

Commenting on the results, CEO Regin Jacobsen
says: "We are satisfied with the result for the
quarter. The biological situation is good, and the
salmon prices have been high. The outlook is
promising, with increased production and a
significant share of the harvest for 2011 already
sold on satisfying long term contracts."

Summary of the First Quarter 2011:

Strong prices for both fresh salmon and VAP products.

The total harvested volume was 5,460 tonnes gutted
weight (5,744 tonnes gutted weight in Q1 2010).

Bakkafrost released approximately 1.6 million smolts.

The Group had no net interest bearing debt at the end
of Q1 2011 (DKK 70.2 million at year-end 2010) and
undrawn credit facilities of around DKK 336 million.

In April 2011, Bakkafrost paid out dividend amounting
to DKK 191 million to its shareholders.

The planned operational changes post-merger of
Vestlax into Bakkafrost have been finalised, and
margins have been significantly improved in Farming
West (former Vestlax).

In Q1 2011, Bakkafrost accounted for 56% of the 9,750
tonnes gutted weight of the total exported volume of
farmed fish from the Faroe Islands.

Bakkafrost has signed a sale and purchase agreement
for all outstanding shares in P/f Havsbrún. P/f
Havsbrún, a modern, internationally renowned producer
of fish meal, fish oil and fish feed, is situated in
the Faroe Islands and owns 78.1% of two farming
companies. The purchase price is DKK 1,100 million.
Payment will be made as a combination of existing
shares in Bakkafrost, owned by Havsbrún, and cash.
Thus, Bakkafrost signed a term sheet covering a DKK
500 million instalment loan. The transaction is
subject to, among other things, satisfactory due
diligence and regulatory approval.

For further information, please contact:

Regin Jacobsen, CEO of P/F Bakkafrost: +298 235001
(mobile)

Teitur Samuelsen, CFO of P/F Bakkafrost: +298 235111
(mobile)

Glyvrar, 24 May 2011

P/F Bakkafrost
Bakkavegur 9
PO Box 221
FO-625 Glyvrar
Tel. +298 405000
Fax +298 405009
Bakkafrost@bakkafrost.com
www.bakkafrost.com


About Bakkafrost
Bakkafrost is the largest salmon farmer in the Faroe
Islands. The Group is fully integrated from smolt to
VAP and sales. The Group operates licenses on 14
farming sites located in 13 different fjords. The
Group has primary processing in Klaksvík and
Kollafjørð and secondary processing (VAP) in Glyvrar.
The headquarters are located in Glyvrar, and the
company has a total of 400 employees.

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