The present invention relates to a biphasic microalgae extract comprising 15-95 wt.% of an aqueous phase and5-85 wt.% of an oil phase, said extract containing at least 1% by weight oftotal fatty acids of .omega.3-fatty acids selected from thegroup consisting of eicosapentaenoic acid (EPA), docosahexaenoic acid (DHA)and combinations thereof, said extract further beingcharacterized in that it contains: .cndot. 40-100% by weight of the oil phaseof lipids selected from triglycerides, diglycerides,monoglycerides, phosphatides, free fatty acids and combinations thereof;.cndot. 0.01-10% of carotenoids by weight of the oil phase; .cndot.0.5-10% of sodium chloride by weight of the aqueous phase; .cndot. 0-3 wt.% ofnon-dissolved material other than dispersed droplets ofaqueous phase or oil phase; and .cndot. 0-10% of C1-5 monoalcohol by weight ofthe aqueous phase. Together the aqueous phase and oilphase of the biphasic extract contain essentially all the lipid material thatwas originally contained in the microalgae biomass, i.e.both apolar lipids (e.g. triglycerides, free fatty acids) and polar lipids(e.g. glycolipids, phospholipids). The invention also providesprocesses for extracting an oil phase from wet biomass of micro-organisms.These processes do not require the use of apolarorganic solvents and produce a biphasic extract that can easily be downstreamprocessed to produce .omega.3- PUFA containing oil inhigh yield.