The present invention relates to a biphasic microalgae extract comprising 15-95 wt. % of an aqueous phase and 5-85 wt. % of an oil phase, said extract containing at least 1% by weight of total fatty acids of ω3-fatty acids selected from the group consisting of eicosapentaenoic acid (EPA), docosahexaenoic acid (DHA) and combinations thereof, said extract further being characterized in that it contains: • 40-100% by weight of the oil phase of lipids selected from triglycerides, diglycerides, monoglycerides, phosphatides, free fatty acids and combinations thereof; • 0.01-10% of carotenoids by weight of the oil phase; • 0.5-10% of sodium chloride by weight of the aqueous phase; • 0-3 wt. % of non-dissolved material other than dispersed droplets of aqueous phase or oil phase; and • 0-10% of C1-5 monoalcohol by weight of the aqueous phase. Together the aqueous phase and oil phase of the biphasic extract contain essentially all the lipid material that was 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 provides processes for extracting an oil phase from wet biomass of micro-organisms. These processes do not require the use of apolar organic solvents and produce a biphasic extract that can easily be downstream processed to produce ω3-PUFA containing oil in high yield.