POSITIVE QUARTER IN A CHALLENGING MARKET
In  the third quarter of 2011, Lerøy Seafood  Group had a turnover of NOK 2,304
million,  an increase  from NOK  2,264 million for  the same period in 2010. The
Group's  operating profit before fair value adjustment of biomass was NOK 206.7
million  in the  third quarter  of 2011, compared  with NOK 424.2 million in the
third  quarter of the previous year. The decline in operating profit before fair
value adjustment of biomass is attributed to substantially lower prices achieved
for  the Group's main products - salmon  and salmon trout - together with higher
production  costs.  As  a  result  of  the  Group's  long-term industrial market
strategy, the prices achieved for salmon and salmon trout will naturally deviate
from  the spot  market prices.  Realised contract  prices have  been higher than
prevailing  spot  prices  in  the  quarter  under  review.  The Group's share of
contracts  was 38% in the third quarter of 2011 and will, based upon the current
contract  situation,  be  around  35-40% for  2011 in  total. Committed contract
prices  for the fourth  quarter of 2011 are  higher than prevailing spot prices.
This  indicates that the Group can expect to achieve higher realised prices than
current spot prices also in the fourth quarter.

As  a result  of considerably  lower volumes  and prices, the associated company
Norskott  Havbruk (owner of the Scotland-based  Scottish Sea Farms Ltd) achieved
lower  net earnings in the third quarter of 2011 compared with the third quarter
of  2010. Income  from  associated  companies  before  fair  value adjustment of
biomass therefore declined from NOK 23.4 million in the third quarter of 2010 to
NOK 8.0 million in the third quarter of 2011.

The  Group's profit before tax and fair value adjustment of biomass in the third
quarter  of 2011 was NOK 190.3 million as against NOK 431.1 million in the third
quarter of 2010.

Key figures:
  * 36.0 thousand tons gutted weight of salmon and salmon trout harvested (Q3
    2010: 31.0)
  * Turnover NOK 2,304 million (Q3 2010: 2,264)
  * Operating profit before fair value adjustment of biomass NOK 206.7 million
    (Q3 2010: 424.2)
  * EBIT/kg all inclusive NOK 5.7 (Q3 2010: 13.7)
  * Profit before tax and before fair value adjustment of biomass NOK 190.3
    million (Q3 2010: 431.1)
  * Spot prices for whole superior salmon have seen a decrease of 32.0% compared
    with Q3 2010
  * Net interest-bearing debt was NOK 1,598 million (NOK 1,032 million at 30
    September 2010)
  * Equity ratio 50.9%

FINANCIAL SUMMARY AS PER 3(rd) QUARTER 2011
As  per  Q3  2011, Lerøy  Seafood  Group  had  a  turnover of NOK 6,926 million,
representing an increase from NOK 6,314 million for the same period in 2010. The
Group's  operating  profit  before  fair  value  adjustment  of  biomass was NOK
1,092.9 million  as per  Q3 2011, compared  with NOK  1,047.1 million as  per Q3
2010. The  Group's operating margin before fair  value adjustment of biomass was
15.8% as  per Q3 this year, compared  with 16.6% for the corresponding period in
the previous year.

As  per  Q3  2011, the  Group  generated  an  operating  profit after fair value
adjustment  of biomass  of NOK  455.3 million, against  a profit of NOK 1,218.9
million as per Q3 2010. Fair value adjustment of biomass in accordance with IFRS
is  NOK -637.6 million as per Q3 2011, compared with NOK 171.8 million as per Q3
2010. The  substantial  negative  IFRS  adjustment  as  per  Q3  2011 is  mainly
attributed  to lower  salmon and  salmon trout  prices as  of 30 September 2011
compared with year-end prices.

Income  from associated  companies totalled  NOK 28.3 million  as per  Q3 2011,
compared with
NOK  83.1 million as  per Q3  2010. With fair  value adjustment  of biomass, the
figures were NOK 54.6 million and NOK 79.0 million respectively. The Group's net
financial  items as per Q3 2011 amounted to NOK -59.9 million, compared with NOK
-46.1  million as  per Q3  2010. The Group's  profit before  tax and before fair
value  adjustment of  biomass was  NOK 1,087.6 million  as per Q3 2011, compared
with a corresponding figure of NOK 1,080.0 million as per Q3 2010.

Net  earnings for the first three quarters of 2011 correspond to a profit before
fair  value  adjustment  of  biomass  of  NOK  13.89 per  share,  as  against  a
corresponding  figure of NOK 14.76 as per Q3 2010. The Group's annualised return
on  capital employed (ROCE) before fair value adjustment of biomass was 21.7% as
per  Q3 2011, as  against 27.2% in  the same  period of  the previous  year. The
Group's  financial position  is solid,  with book  equity of  NOK 5,730 million,
corresponding to an equity ratio of 50.9%. The Group's net interest-bearing debt
at  the end of  the third quarter  of 2011 was NOK  1,598 million as against NOK
1,032 million  at  the  end  of  the  third  quarter  of 2010. In this period, a
dividend  of  NOK  546 million  was  paid  out. In addition, the acquisition and
consolidation  of Sjøtroll Havbruk AS increased net interest-bearing debt by NOK
689 million.  The reduction of net interest-bearing debt by NOK 669 million over
the  last four  quarters, adjusted  for dividend  payments and  acquisitions, is
satisfactory.

STRUCTURAL CONDITIONS
Through  organic growth  and acquisitions  over the  last decade,  the Group has
become one of the world's leading producers of Atlantic salmon and salmon trout.
It  has  also  consolidated  its  position  as  a  major  participant in seafood
distribution  in Norway and  worldwide, and it  has strengthened its position as
the  leading  exporter  of  seafood  from  Norway.  Thanks  to  a combination of
acquisitions  and alliances, the Group  has been able to  offer its key national
customers cost-effective national distribution of fresh seafood. Over the coming
years,  the Group will increase its focus on sales, distribution and processing.
In  the opinion of the  Board of Directors, the  Group's strategic and financial
flexibility,  in conjunction  with current  earnings, will  enable the  Group to
continue  as  an  active  participant  in  ongoing,  value-generating structural
changes  in  the  seafood  industry,  both regionally and globally. Accordingly,
Lerøy  Seafood Group signed an  agreement to acquire 50.1% of  the shares in the
Dutch  company Rode Beheer B.V.  in the third quarter  of 2011. Rode Beheer B.V.
runs  a  smokehouse  and  processing  factory.  Annual  raw material capacity is
approximately  10,000 tons  Atlantic  salmon,  of  which  around  40% are smoked
products.  In addition, the  company also processes  other species of fish. Rode
Beheer B.V. enjoys a strong position within the sale and distribution of seafood
in  its domestic market and will  thus contribute to strengthening Lerøy Seafood
Group's  position on the Dutch market. The final transaction is conditional upon
due diligence. A tentative closing date for the acquisition is mid-December this
year.  Lerøy  Seafood  Group  will  continue  to  selectively  consider possible
investment   and  merger  opportunities,  as  well  as  alliances,  which  could
strengthen  the  basis  for  further  profitable  growth  and  sustainable value
creation.

THE MARKET SITUATION/OUTLOOK
A  higher growth in the  global supply of Atlantic  salmon in the next few years
compared with the last two years is expected. Development in demand is good, and
lower  prices provide grounds for optimism  as to continued positive development
in  demand. Good demand together with  expectations for improved productivity in
the   Group's   production  facilities,  including  improved  biology,  provides
justification for the Board's positive attitude to the Group's development.

The  Board of Directors  currently anticipates a  considerably poorer result for
the  Group in the fourth quarter of 2011 than was achieved in the fourth quarter
of 2010.

Questions and comments may be addressed to the company's CEO, Henning Beltestad,
or to CFO, Ivan Vindheim.

Bergen, 7 November 2011
The Board of Directors of Lerøy Seafood Group ASA


This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


[HUG#1561594]