CLOSING OF NOK 200 MILLION PRIVATE PLACEMENTS

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES

Codfarmers has successfully closed the Private
Placements, consisting of a share issue and a
convertible bond issue for gross proceeds of NOK
200 million, as announced on 13 November 2007.The share issue comprised of 3,448,200 shares
priced at 29 NOK per share for gross proceeds of
NOK 100 million, constituting approximately 20.4%
of the existing number of shares outstanding.
Settlement date for the new shares is expected on
or about 28 November 2007.

The gross proceeds from the convertible bond issue
amounted to NOK 100 million. The bonds will have a
four-year tenor. The debt under the bonds will be
senior and unsecured, and the bonds will be
convertible into common shares of Codfarmers. The
convertible bond loan carries a 0% coupon rate per
annum the first two years, and then a coupon rate
of 15% per annum payable semi-annually in arrears
over the last two years. The first interest payment
date will be 2.5 years after the settlement date
and the conversion price is NOK 40.6 per share,
subject to adjustments. The bonds will be issued
and repaid at 100% of their principal amount. The
bonds are expected to be settled for payment on or
around 30 November 2007.

Mr Øystein Steiro, CEO of Codfarmers, stated `We
are encouraged by the strong market support
expressed for the Codfarmers accelerated business
plan, especially in this time of financial market
uncertainty. The net proceeds from the private
placements will be used to finance the Company`s
accelerated growth plan, including biomass growth
towards a harvesting volume of approximately 30,000
tons per year in 2011, the integrated brood-stock,
hatchery and juvenile facility towards a capacity
of 10 mill fry and 5 million juveniles yearly as
well as to finance the upgrade of the specialized
cod packing and fillet plant`.

The private placements were over-subscribed, and
the Board of Directors is very pleased with the
result from theplacement. The Company now has a
strong and diversified shareholder structure,
including high-quality Norwegian and international
institutional investors, and has increased its
financial strength in order to continue its
position as the leading developer in the new
industry of cod farming.

The Company will also carry through a rights issue
of up to 1 million new shares. The subscription
price in the rights issue will be the same as in
the share issue referred to above, NOK 29 per
share. The Company`s shareholders as of 27 November
2007 will receive subscription rights based on
their shareholding as of that date. Investors being
allotted shares or convertible bonds in the private
placements will not receive any subscription
rights.

The share issues and the convertible bond issue are
subject to being approved by an extraordinary
general meeting of the Company (EGM) as well as
Oslo Børs approving a combined listing prospectus
for the private placement shares and a offering
prospectus for the rights issue. The Company have
called for the EGM to be held on 27 November 2007.

The private placements were managed by DnB NOR
Markets.


Oslo, 19 November 2007

Codfarmers ASA

For further information, please contact:
Øystein Steiro CEO - phone: +47 22 40 33 91
Michael Malling CFO - phone: +47 22 40 33 94